Kanye West’s YZY Token: A Controversial Crypto Move

Kanye West, now known as Ye, is reportedly launching a cryptocurrency called YZY, according to sources close to the project. The token, named after his Yeezy brand, aims to bypass traditional platforms like Shopify, which severed ties with Ye due to his controversial statements.

YZY’s tokenomics heavily favor Ye, with 70% of the supply allocated to him, 20% to investors, and 10% for liquidity. The project follows the trend of celebrity-driven tokens, similar to Donald Trump’s TRUMP coin, which faced criticism for high insider ownership. Ye originally sought an 80% stake but settled for 70% after negotiations.

The token’s launch was initially scheduled for Thursday but was delayed to Friday. CoinDesk learned about the project through an email from Hussein Lalani, who identified himself as Yeezy’s CFO. Despite sending an unsolicited press release, Lalani later requested an embargo, which CoinDesk declined.

Ye’s crypto venture comes amid ongoing backlash. In 2022, Adidas, Balenciaga, and his talent agency severed ties after his antisemitic remarks, including praising Hitler. More recently, Shopify shut down his Yeezy store after he listed a T-shirt featuring a swastika.

Crypto’s decentralized nature provides Ye an alternative revenue stream, but concerns remain. Centralized token ownership often leads to volatile price swings, benefiting insiders while leaving retail investors exposed. The YZY team is reportedly reassessing its launch strategy in light of Argentina’s recent crypto scandal involving President Javier Milei’s LIBRA token, which turned out to be a pump-and-dump scheme.

Despite past statements dismissing crypto, Ye appears to be embracing digital assets. Whether YZY succeeds or follows the fate of other celebrity tokens remains uncertain.