In brief
Wallets linked to Libra meme coin promoter Hayden Davis have made $12 million in profits on Kanye West’s meme coin, YZY.
The on-chain connections to Davis were discovered by Bubblemaps, a blockchain visualization startup.
Libra was promoted by Argentine President Javier Milei in February before it crashed.
Libra meme coin promoter Hayden Davis sniped the YZY token, created by Ye, formerly Kanye West, shortly after launch, according to on-chain analytics firm Bubblemaps.
The trade came just a day after Davisâ funds connected to the controversial Libra launchâwhich was promoted by Argentine President Javier Milei before the tokenâs spectacular crashâwere unfrozen by a Manhattan federal judge.
The wallets, identified by Bubblemaps, purchased YZY as early as one minute after the tokenâs official announcement and profited $12 million from a $2.8 million stake. The firm said that several wallets were funded by centralized exchanges the day before the tokenâs announcement, leaving a cluster of addresses prepared to snipe YZY.
Yeâs token had been live for two days before it was announced as the official token of the controversial musician. Its official website says the team deployed 25 tokens before randomly selecting one to be the real deal, as an âanti-snipingâ measure.
ï»ż
Sniping refers to quickly purchasing a token within a given timeframe, often shortly after it is launched or announced. Itâs worth noting that being a sniper of a token doesnât necessarily mean that you had insider knowledge; it could have been pure luck.
The Davis-linked wallets bought YZY as early as one minute after that announcementânot the initial launch.
âIt’s hard to say what Hayden Davis’ intentions were with YZY,â Deebs, the pseudonymous Bubblemaps detective that worked on this case, told Decrypt. âAt this point, we don’t know if he had insider info, was involved with the team, or simply sniped the launch for profit.â
Davis has a history of sniping high-profile tokens, previously admitting to sniping the Libra tokenâwhich he helped create. He said it was done to help prevent the price from collapsing; but even so, Libra notoriously crashed 99% in its first day. Bubblemaps also said that Davis sniped Melania Trumpâs token launch, which he confessed to helping launch.
In an interview with YouTube sleuth Coffeezilla, Davis defended the use of sniping tokens that he was helping launch, but denied actually conducting the sniping himself.
Bubblemaps traced Davisâ steps through 44 wallets the firm believes he is in control of, from the team wallet of Melania Trumpâs token to the Libra sniper wallet and then to 14 YZY sniper wallets. Those wallets then deployed capital $2.8 million into the YZY token shortly after launch, and have since profited $12 million.
Kelsier Ventures, the venture capital firm where Davis is CEO, did not immediately respond to Decryptâs request for comment.
The YZY launch came just one day after Davisâas well as Ben Chow, founder of decentralized exchange Meteoraâhad $57.6 million in USDC unfrozen by a Manhattan federal judge. The funds were originally frozen as they were connected to the highly scrutinized LIBRA launch, and then freed as the judge didnât deem Davis and Chow as âevasive actorsâ anymore.
Bubblemaps said that the timing of the YZY launch following the unfreezing of the LIBRA funds, is what raised the firmâs suspicions that something fishy might be going on. That said, the unfrozen funds have not left the wallets, which are still $13.06 million and $44.59 million, respectively.
Davis and Chow are still embroiled in a lawsuit in which the plaintiffs are seeking $100 million in damages, following the Libra launch. However, the judge said last week that she is âskepticalâ that the plaintiffs will succeed.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.





Be the first to comment