Key Takeaways
- Kanye West’s Instagram account was reportedly hacked.
- The hack aimed to promote the fraudulent $YZY memecoin.
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Hackers took over the Instagram account of Kanye West, who now calls himself Ye Ye, on Tuesday and followed a counterfeit YZY Money profile, the rapper confirmed in a post on X. The fake YZY Money account promoted a bogus YZY coin on its profile.
The fake YZY token briefly surged to a fully diluted valuation of more than $7 million before collapsing to just $82,000, according to GeckoTerminal data.
Ye’s official YZY token fared little better. Launched last week as part of the YZY Money payment system, it spiked to over $400 million in market capitalization but has since tumbled below $75 million.
This is a developing story. Please come back for further updates.
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