Key Takeaways
Kanye West’s Instagram account was reportedly hacked.
The hack aimed to promote the fraudulent $YZY memecoin.
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Hackers took over the Instagram account of Kanye West, who now calls himself Ye Ye, on Tuesday and followed a counterfeit YZY Money profile, the rapper confirmed in a post on X. The fake YZY Money account promoted a bogus YZY coin on its profile.The incident comes after Ye launched the YZY token on the Solana blockchain last week and introduced a payment system called YZY Money. The token briefly reached a market cap of over $400 million before crashing below $75 million, per GeckoTerminal.This is a developing story. Please come back for further updates.
