This analysis highlights Hayden Davis, known as Kelsier, earning approximately $12 million from the YZY token launched by Kanye West.
Profit Mechanism
Davis employed 14 wallets to rapidly buy the token immediately after its launch. Data indicates that these wallets were interconnected through shared funding sources and transaction patterns.
Previous Incidents
This isn't the first time Davis has been involved in such maneuvers. His wallets reportedly participated in trading related to last year’s LIBRA token, generating significant profit as well.
Public Reaction
The crypto community has expressed frustration, viewing such tactics as undermining fairness in volatile memecoin markets. While technically legal, critics argue that these practices resemble insider trading.
The YZY incident has reignited discussions on the necessity for tighter regulation of token launches and mechanisms to prevent coordinated wallet sniping.
