Author
Hongji Feng
Author
Hongji Feng
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Key Takeaways:
- Kanye West posted a disclaimer on X disowning the first YZY token, claiming his Instagram was hacked.
- The original token’s deployer offloaded large amounts before the crash, causing over $24 million in lost liquidity.
- Legal accountability for celebrity crypto promotions is murky when endorsements occur without formal declarations or disclosures.
Kanye West has denied involvement in a recently launched YZY-themed memecoin that surged and crashed earlier this month, stating his Instagram account was compromised.
The claim was posted on West’s X (formerly known as Twitter) on August 26, in which he wrote: “My Instagram has been hacked and it’s following a fake coin…The official project is @YZY_MNY.”
He went on to promote a different project, accompanied by a new Solana wallet address.
Kanye West Claims Instagram Account ‘Hacked’
The first YZY token, which launched days earlier, had seen trading volumes spike before a major sell-off drained over $24 million in liquidity.
Blockchain data from platforms like Birdeye and DEX Screener showed that wallet addresses connected to the deployer offloaded large portions of the supply shortly after launch.
West’s new post suggests that the earlier coin was unauthorized, and that he is only endorsing the one tied to the updated address and Instagram handle.
No further details were provided on how the alleged compromise occurred or who may have been behind the original launch. Meta, the parent company of Instagram, has not issued a public comment on the claim.
A few influencers and promoters had pushed the earlier YZY token across social media in the days before and after the initial trading frenzy. Some have since deleted their posts.The original token is currently trading at near $0.
West’s team has not released a formal statement beyond the X post.
The community has demonstrated a level of disbelief in the statement. Autism Capital posted on X following Ye’s clarification, saying, “Kanye West claims his IG was ‘hacked’ and was promoting a fake coin several days AFTER all the dumping was done of his original coin. He then advertised a NEW coin saying ‘this is the real coin.’”
“Haven’t we seen this playbook before? The grifting never ends,” they said.
The situation adds to a growing number of celebrity-linked crypto controversies in 2024 and 2025, raising ongoing questions about how memecoins are launched, endorsed, and sold across platforms with limited oversight.
Frequently Asked Questions (FAQs)
It depends on evidence of consent or participation. If the promotion occurred through his verified account, civil claims could still arise.
Often through coordination with promoters or influencers. Sometimes the celebrity is directly involved, other times not.
Verify wallet links through official press releases or company filings. Social media alone is not a reliable confirmation method.
