Kanye West, now known as Ye, has launched a YZY memecoin amidst controversy, including Shopify halting payments for his Yeezy apparel site due to inappropriate merchandise. His promotion of ‘YZY Money’ follows a series of erratic statements on social media. The memecoin has already seen a significant crash of over 65%, prompting warnings from experts about its risky contract, which permits the creator to make unauthorized changes that could harm token holders. Despite the claims of decentralization on the YZY platform, buying the token is viewed as potentially detrimental to investors. The introduction of YZY, along with a payments processor and a card designed for spending YZY and USDC, comes during a time when the crypto industry is struggling with public relations issues. Critics argue that influencers like Ye may damage the image of cryptocurrency as it seeks mainstream acceptance.

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