Hayden Davis Snipes $12 Million From Kanye West's YZY Token Launch

Hayden Davis, a prominent figure in the crypto space known as Kelsier, reportedly generated an estimated $12 million by sniping Kanye West’s newly launched YZY token. The action, which took place shortly after the token’s launch, involved a network of 14 interconnected wallets executing rapid buy-ins. On-chain analysis revealed that these wallets shared common funding sources and exhibited similar transaction behaviors, all traced back to Davis [1].

This event echoes a similar incident last year involving the controversial LIBRA token, where the same wallet network reportedly earned tens of millions. Cumulatively, Davis and the associated wallets have now secured over $23 million through these strategies [1].

The move has drawn criticism from parts of the crypto community, with many arguing that such tactics distort market fairness, particularly in the already volatile memecoin sector. Although currently legal, coordinated wallet sniping is seen by some as analogous to insider trading and has raised concerns about trust and transparency in token launches [1].

Davis has not publicly commented on the matter. However, the incident has reinvigorated discussions on the need for stronger regulatory frameworks to monitor token launches and prevent exploitative practices. Analysts and market participants increasingly call for mechanisms that level the playing field and ensure broader participation, especially for retail investors [1].

Source:

[1] Hayden Davis Scores $12 Million From Sniping Kanye West’s YZY Token

https://coinmarketcap.com/community/articles/68acc43a9de84b22569c1257/