Andrew Tate shorts Kanye West’s YZY, racks up $700K losses on Hyperliquid

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Kickboxing champion and arguable influencer Andrew Tate is among the latest celebrities to dive into Kanye West’s recently launched YZY token — but his bets are already heavy successful the red.

A wallet code linked to Tate has opened a 3x leveraged short presumption connected the precocious launched, West-linked YZY token astatine $0.85 and is presently sitting connected a $16,000 nonaccomplishment connected the position.

Tate “doesn’t look to beryllium bully astatine perps trading,” arsenic his cumulative losses are nearing $700,000 connected this single Hyperliquid account, wrote blockchain analytics level Lookonchain successful a Friday X post. “So far, he's made 80 trades connected #Hyperliquid — lone 29 were profitable (win rate: 36.25%) — with full losses of $699K.”

The YZY token was launched connected Solana connected Thursday by the rapper, with the apical 13 wallets profiting a full of $24.5 cardinal arsenic they dumped the token, which spiked 1,400% wrong the archetypal hr earlier dropping implicit 74% since.

With increasing personage involvement successful cryptocurrencies, much influencers are realizing losses, showing that not each fiscal proposal oregon concern endorsements should beryllium treated equally.

The losing commercialized comes implicit a twelvemonth aft Tate was deed by insider trading allegations related to his memecoin, the Daddy Tate (DADDY) token, which saw insiders scoop up 30% of the proviso astatine motorboat earlier Tate started promoting the token connected X, Cointelegraph reported astatine the time.

Most Andrew Tate-endorsed memecoins crashed by 99%

Tate joined waves of celebrities who jumped connected the Solana memecoin bandwagon connected June 7, endorsing implicit 10 tokens known for having nary intrinsic value.

Most of the tokens mislaid astir 99% of their worth soon aft Tate’s endorsement, with aggregate tokens allegedly having up to 30% insider proviso allocation, Bubblemaps warned successful an X post successful Oct. 2024.

These included Roost (ROOST), the Germany Token (GER), Fuck Tristan (FTRISTAN), TopG (TOPG), RNT (RNT) and Daddy Tate (DADDY).

Cryptocurrencies, Scams, Trading, Solana, Memecoin

Over 30 celebrity-endorsed tokens launched connected Solana successful June 2024 and person seen prices autumn by nary little than 73.23%.

Other celebrities who promoted Solana-based meme tokens see 50 Cent, Caitlyn Jenner, Iggy Azalea and shot fable Ronaldinho Gaúcho.

UFC contender Khamzat Chimaev-linked Smash (SMASH) token was besides deed by insider allegations aft it was revealed that up to 78% of the token’s proviso was bought by squad and developer-related wallets, Cointelegraph reported successful July 2024.

Three days aft the token launch, Chimaev’s manager, Majdi Shammas, claimed that the martial creator “wasn’t involved” with the SMASH memecoin and “[knows] conscionable arsenic small arsenic you do,” alleging that helium promoted the coin without the fighter’s input.