Beanie, a pseudonymous crypto investor and GP at early-stage fund gm.capital, used X to criticize what he described as the deteriorating ethics and lack of accountability in today’s crypto market after the controversy around the $YZY token linked to Ye (Kanye West). In his post, he shared an Instagram video allegedly recorded by someone “part of [the] insider team,” in which the speaker brags about having “sniped” and then “rugged” the YZY token, implying they deliberately exploited early access and then dumped on later buyers with no concern about consequences. This complaint comes against the backdrop of widespread public scrutiny over YZY’s launch, trading pattern, and ownership structure. On‑chain and market data around YZY have already raised serious concerns about insider advantage and predatory tokenomics. Analysts such as Coinbase’s Conor Grogan and blockchain firm Lookonchain reported that insiders controlled roughly 94% of the token supply, with one multisig initially holding about 87%, and that multiple “prepared” wallets bought aggressively at launch, capturing outsized gains while regular traders were left with steep losses. Within about 40 minutes of release, YZY reportedly hit a roughly $3 billion market cap before crashing more than 80%, wiping out tens of millions of dollars and leaving over 50,000 traders in the red, while a small cluster of wallets captured a large share of the profits. Beanie’s post uses the alleged insider video as an example of how brazen such behavior has become, arguing that participants no longer fear legal or reputational repercussions when openly boasting about sniping and rug‑pulling high‑profile meme coins like YZY.

AI-generated background, compiled from web sources — not editorial content.

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