A new cryptocurrency launch backed by Kanye West has sparked controversy after insider trading allegations surfaced, with blockchain analysis revealing significant losses for retail investors. The YZY token, launched on Solana earlier this week, saw dramatic price swings, exceeding 1,400% within the first hour before a sharp decline. Blockchain data providers, Nansen and Dune Analytics, show that over $24 million was quickly extracted from the market by a small group of wallets. This activity has triggered accusations of insider trading against those who were privy to the token’s early launch. 74% of initial investors saw their holdings plunge in value after just hours following the initial surge.