Rumors Swirl About Kanye West Launching YZY Memecoin

Kanye West, now known simply as Ye, has sparked buzz across the internet with rumors of launching his own crypto memecoin project. The rumored memecoin, called YZY, could serve as the official currency for his Yeezy clothing brand, according to a report from CoinDesk. This move appears to be Ye’s latest attempt to carve out a fresh financial path after a turbulent few years marked by severed business ties and public controversies. The idea of a celebrity backed token isn’t new, but Ye’s involvement brings a unique twist given his polarizing persona and unpredictable career trajectory.

The details of this potential launch surfaced through an unsolicited email sent to CoinDesk by Hussein Lalani, who identified himself as Yeezy’s chief financial officer. In the correspondence, Lalani shared a document outlining the YZY token’s debut and requested that the publication hold off on reporting under an embargo. CoinDesk declined the request and proceeded with attempts to verify the information with three sources close to the project, all of whom remained unnamed.

One source revealed that the token was originally slated for release on a Thursday but has since been pushed to Friday, adding a layer of intrigue to the unfolding story. The press release attached to Lalani’s email laid out the token’s distribution plan, stating that Ye would retain 70% of the total supply. The remaining 30% would be divided, with 10% allocated for liquidity and 20% set aside for investors. Ye’s substantial share would roll out through a phased vesting schedule, locking some coins for up to 12 months to prevent immediate sales. Even with this structure in place, questions linger about the balance between Ye’s allocation and the portion offered to outside backers.

However, it should be noted that although CoinDesk tried to verify the claims, it's still quite possible that the email was spoofed and faked, and this could just be a way for a nefarious actor to pump a YZE memecoin to attract investors so they can dump on them. It's unclear at this time if this is real or just a rumor at this point.

A Strategic Pivot Amid Controversy

This venture seems tailored to help Ye regain financial footing after a string of high-profile setbacks. His once-lucrative partnerships with major brands like Adidas, Balenciaga, and Shopify crumbled following a series of inflammatory antisemitic statements.

In 2022, Ye’s remarks, including praise for Adolf Hitler during a live interview and provocative social media posts targeting Jewish people and other groups, prompted swift backlash. Adidas and Balenciaga cut ties, his talent agency dropped him, and most recently, Shopify shuttered his online store in response to his hateful rhetoric made online. These losses hit hard, stripping away key revenue streams and leaving Ye to rethink his business strategy. The YZY token could be his answer, a way to connect his loyal fanbase directly to his brand while sidestepping traditional corporate gatekeepers.

Ye’s flirtation with cryptocurrency isn’t entirely out of left field. He previously hinted at exploring this space when he reached out to Coinbase CEO Brian Armstrong. Later, he took to social media to dismiss rumors of a coin launch, claiming he’d turned down a $2 million offer to create one. At the time, he criticized such projects, arguing they exploit fans with empty hype. That stance contrasts sharply with the current YZY rumors, raising questions about what’s changed.