Onchain Investigator Connects Kanye West's YZY Token to LIBRA Wallets in $23 Million Fraud Scheme

Connection to Previous Token Launch: A blockchain analyst linked wallets profiting from Kanye West's YZY token to those involved in the earlier LIBRA token launch, which saw significant financial gains.

Profits and Transfers: A wallet purchased $250,000 worth of YZY tokens at a low price and quickly made over $1 million in profit, transferring funds to a treasury wallet previously associated with LIBRA profits.

Insider Trading Allegations: The analyst suggested that the rapid profits indicate insider knowledge, as the same wallets were only involved in YZY and LIBRA, raising questions about insider trading versus legitimate trading strategies.

Market Performance: After its launch on Solana, YZY reached a market cap of $3 billion within 40 minutes but later dropped significantly, trading around $1, down over 60% from its peak.