Hong Kong – i, the actress formerly known as Kanye West repeatedly called himself as a “Nazi” in recent weeks, plans to launch a crypto token, according to three resources close to the project .
The token, Yzy, was designed to help side-step platforms such as Shopify cut off relationships with him in response to his hate rhetoric.
Crypto, along with censorship-resistant ethos, offers you an alternative method for cashing on his celebrity status: seventy percent of the yzy token, named in Yeezy clothing brand, will be allocated for To you personally, with 10% allocated for liquidity and 20% for investors.
YE’s foray in crypto came to the heels of years of public controversy that forced his business empire. In 2022 YE fell Adidas, Balenciaga and his talent agency After making a series of antisematic comments, Adolf Hitler praised a live interview and tweets of inflammatory rhetoric about Jewish people and other groups.
The fall went on this year when you were, then again Calling himself is a Nazi on x, Listed a T-shirt carrying a swastika to the Yeezy websiteTop e-Commerce platform Shopify to i -shut down his online store.
Yzy is wrapped up as Yeezy’s official currency and will be accepted in payment on her website.
CoinDesk learned about the token through an email from Hussein Lalani, a person with Yeezy.com email who identified himself as the chief Yeezy financial official. After sending a document describing the token that was not required, Lalani asked CoinDesk to hold the publication and agree with an “embargo.” CoinDesk did not agree with the embargo, and three resources near the project that confirmed the document.
Lalani did not respond to further requests for the comment.
The Yzy token was first set to sell on Yeezy’s website on Thursday at 6:00 pm, but the launch was delayed on Friday, according to a team member who asked not to recognize for fear of joining the public on the project .
Followed by Trump
There has been a whisper of a potential ye token since earlier this month, after the Rapper teasing that he tried to contact coinbase CEO Brian Armstrong.
Later he posted that he was “Does not make a coin“Despite someone who offered him $ 2 million to do this. He added:”Coins are victims to fans with hype. “
Resources near the Yzy team are told CoinDesk aimed at imitating Donald Trump Trump meme coinlaunched by the President two days before his second inauguration. Trump raised eyebrows for his similar enormous distribution of insider ownership: 80% of Trump is currently held by CIC Digital, a company-related company.
You would also like, an 80% of the owner stake but agreed up to 70%, an additional resource near the project requesting that CoinDesk say. If YE’s token achieved even a part of Trump’s success, his stake could still cost a lot of millions of dollars.
‘The thing mile’
Yzy enters a saturated market of Crypto Crypto celebrity, many of which have been accused of exploiting fan loyalty without offering a tangible utility. In many cases, these tokens have seen a short-lived price climb driven by hype before crashing, leaving investors holding a bag.
The centralized allocation of the owner only increases the risk of sudden price collapse. According to the unsolicited Yzy press release, Ye’s 70% yzy stake is outlined by a multi-phase vesting schedule-some coins are locked up to 12 months, meaning they can’t be sold until then- Even critics have argued that such insider is a heavy dedication to the founders of retail investors.
Only this week, Argentina became enmeshed in a political crisis after a meme coin sponsored by President Javier Milei, Libra, became a “pump-and-dump” scheme, It has a public anger and calls for impeachment.
The resource close to Yzy told CoinDesk that the token delay came as his team adopted if it was “too close to the mile.”
