PANews reported on August 21st that according to Lookonchain, Kanye West (@kanyewest) launched the $YZY token, injecting only $YZY into the liquidity pool without $USDC. Developers can sell tokens by increasing or decreasing liquidity, similar to $LIBRA. Multiple internal wallets prepared funds in advance and quickly bought $YZY. Wallet 6MNWV8, which had advance knowledge of the contract address, spent 450,611 USDC to buy 1.29 million $YZY at $0.35. It then sold 1.04 million $YZY for $1.39 million, leaving 249,900 $YZY (approximately $600,000), a profit of over $1.5 million.
In addition, an investor suspected of having knowledge of Kanye West's token issuance lost $710,000 by buying the wrong $YZY. About 40 minutes ago, the investor bought the genuine $YZY again for $761,000, making a profit of over $710,000, which offset the previous loss.
