Kanye West’s YZY Coin Suffers 81% Plunge Following Instagram Hack

YZY coin, developed by Kanye West and associated with his Yeezy brand, experienced a dramatic crash following an alleged Instagram hack. The hack promoted a counterfeit token leading to market chaos and significant liquidity loss. The incident highlights the vulnerability of celebrity-backed crypto projects and raises concerns about market trust and security. 81% of YZY’s value was lost within hours after the fraudulent promotion. The primary stakeholders, including West himself as coin developer and early investors, were heavily impacted. Initial estimates suggest a $3 billion market cap before the hack plummeted to just $160,000.