Earlier, Kanye West shared a tweet about crypto, “WHEN PEOPLE MAKE ALL THAT MONEY WITH A COIN IS THAT CASH OR CONCEPT.”
Given the Chicago rapstar’s alleged interest and his following an account on X called YZY Money, it sparked a rumour that he is about to launch a project related to crypto.
This drew a risky bet by some into a token named YZY, which briefly shot the market cap of the coin to $120 million.
According to Protos, a trader, who the outlet did not name, invested $750,000 into Pump Fun-based YZY.
However, given the uncertainty, the value of the coin dropped in seconds to $7.5 million, resulting in a loss of $500,000.
Though the Power hitmaker announced no token, he is facing money woes, as recent reports suggest, but, on the contrary, Kanye claimed his net worth this year is near $3 billion.
In contrast, estimates from other sources show a less significant figure than claimed, which is closer to $350 million, as his wealth sharply dropped after several brands cut ties with him after his anti-semitic outbursts.
However, Kanye is not cutting back his expenses, despite the losses in his business. “Plus, he’s had so many contracts cancelled, and to top it off, made very bad real estate deals,” a source earlier told the Heat World.
“He hasn’t stopped spending like he’s earning millions a day though, it’s going to end in disaster,” the tipster tattled.
In the meantime, a documentary on Ye titled In Whose Name? is set to be released on Sept 19.