Former kickboxing champion and controversial influencer Andrew Tate is one of the latest celebrities to jump into Kanye West’s newly launched Yzy Token, but his bets are already deep in red.
The Tate-linked wallet address opened a 3x leveraged short position for $0.85 on the recently launched West-linked Yzy token, sitting at a loss of $16,000 in the position.
Tate “apparently doesn’t seem to be good at PERPS trading.” His accumulated losses approach $700,000 for this single high lipid account, so he wrote the blockchain analytics platform LookonChain on Friday’s X-Post. “So far, he’s been trading 80 for #hyperliquid. He’s only made 29 profits (winning rate: 36.25%) – his total loss is $699,000.”
The Yzy token was launched in Solana by the rapper on Thursday, and the top 13 wallets dumped the tokens, resulting in a total profit of $24.5 million.
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With the growing interest in cryptocurrency, more influencers are aware of the losses and show that not all financial advice or investment approvals should be treated equally.
The lost deal has been more than a year since Tate was hit by an insider trading allegation related to his memo coin, Daddy (Daddy) token.
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Memokines supported by most Andrew Tate crashed 99%
Tate joined the wave of celebrities who jumped on the Solana Memocoin bandwagon on June 7, 2024, endorsing more than 10 talk tokens known for their intrinsic value.
Most of the tokens lost about 99% of their value shortly after Tate’s approval, and multiple tokens are said to have an insider supply allocation of up to 30%, so we warned them in the October 2024 X-Post.
These included roost (roost), German token (GER), fuck tristan (ftristan), topg (topg), rnt (rnt), and papatite (daddy).
Over 30 Celebrity Endor tokens were released at Solana in June 2024, with prices falling by more than 73.23%.
Other celebrities who promoted the Solana-based meme token include 50 Cent, Caitling Jenner, Iggy Azalea and the football legend Ronaldinho Gercho.
UFC candidate Khamzat Chimaev-Linked Smash (Smash) Token also suffered an insider complaint after it was revealed that up to 78% of the token supply was purchased by teams and developer-related wallets.
Three days after the launch of the token, Chimehh’s manager Majidi Shanmas argued that the martial artist “was not involved” with Smash Memocoin and “I know as you do” and promoted the coin without fighter input.
https://www.youtube.com/watch?v=20zfedqdkl8
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