This morning, we are learning that Kanye West, a deeply troubled and misogynist human being. . . has apparently authorized a sh!t coin, in his name / image / and likeness. Y A W N.
It is actually a complete copy of the $Trump coin, and the $mellania coin. And so like those coins, it is just a form of (at the moment, arguably) legalized securities fraud.
Time will tell whether the SEC has been completely captured by MAGA-world, or whether it will step up, and start bringing enforcement actions.
We shall see. But in the meantime, lots of stupid moms and pops. . . Are losing their life savings.
Here’s the latest:
. . .YZY’s structure was first revealed by CoinDesk in February, which reported that 70% of supply would go directly to Ye personally, with 10% for liquidity and 20% for public sale.
At the time, insiders said Ye had initially demanded an 80% stake — the same allocation structure tied to Donald Trump’s TRUMP token — before being negotiated down. The project has also carried heavy baggage from the start. Ye had previously declared that “coins prey on the fans with hype” before backtracking and approving YZY.
Sources told CoinDesk the token was meant to mimic TRUMP’s success, even as Argentina was roiled by a similar scandal when President Javier Milei’s endorsed LIBRA coin collapsed as a pump-and-dump.
Critics flagged then — and now — that such insider-heavy distributions tilt risk squarely toward retail buyers, especially when paired with a single-sided liquidity pool. . . .
What a disgusting time… to be an observer of the (nearly consequence-free) abuse of the deepest and best capital markets on the planet. Damn.
नमस्ते
No comments:
Post a Comment