Celebrity influence in the cryptocurrency market was thrown into question after Kanye West’s Instagram account was hacked to promote a fraudulent cryptocurrency token. The incident resulted in a $3 billion surge and subsequent crash of the fake YZY token, impacting investors and highlighting security vulnerabilities on social media platforms. 13 active wallets reportedly extracted $24 million through this exploit, prompting questions about potential insider involvement. This event underscores the urgent need for stricter regulations to combat scams targeting celebrities and their massive online followings. Experts are calling for greater accountability from social media platforms like Instagram, as well as stronger oversight of the rapidly evolving cryptocurrency market.