Rapper Ye’s new cryptocurrency project, “YZY Money,” has collapsed less than 24 hours after its launch, leaving thousands of investors with major losses.
Blockchain data shows that 56,050 wallets interacted with the token before its sudden crash. The majority of holders lost money, with many reporting losses in the hundreds or thousands of dollars.
According to figures, 14,957 investors lost up to $500 each, while more than 1,800 lost between $1,000 and $5,000.
At least 64 wallets lost amounts ranging from $100,000 to $1 million. One wallet recorded a loss of more than $1 million.
In contrast, only five wallets managed to profit significantly, each walking away with gains of more than $1 million.
The collapse has sparked criticism across the crypto community, with many warning about the risks of celebrity-backed tokens, which often surge in hype but collapse quickly.
Follow on Google News
