Ye Confirms Instagram Hack Linked to Fake YZY Coin Following Launch

Ye, formerly known as Kanye West, launched his official meme coin YZY Money on the Solana blockchain, which saw an initial market cap surge to $3 billion before declining to around $1.5 billion. Shortly after the launch, Ye's Instagram account was hacked, and the hackers made it follow a fake YZY token account promoting a counterfeit coin, misleading fans and causing confusion. The fake token briefly reached a market capitalization of over $7 million before collapsing, while the legitimate YZY token's market cap also dropped significantly, falling below $75 million from its initial value. Ye has publicly condemned the hack and clarified that the fake token is not affiliated with his project, emphasizing the official YZY Money as a decentralized financial concept aimed at empowering individuals. Despite the challenges, Ye is focused on distinguishing his authentic project from impostors and continuing to develop YZY Money as a cultural and economic statement. The controversy highlights both Ye's ongoing interest in cryptocurrency and the risks of digital asset launches amid security threats.