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Kanye West’s YZY token: 51,000 traders lost $74M, while 11 netted $1M
More than 51,000 traders incurred losses on Kanye West’s recently launched memecoin, highlighting the potential risks of trading celebrity-endorsed tokens with no intrinsic technological utility. The Kanye West-linked YZY token was launched on the Solana blockchain on Aug. 21. It rallied 1,400% within the first hour before losing over 80% of its value. Of the 70,200 traders who invested in the celebrity-endorsed token, more than 51,800 realized losses, with three traders losing over $1 million, according to blockchain data platform Bubblemaps. “Meanwhile, 11 wallets made $1M+,” wrote Bubblemaps in a Wednesday X ... (full story)
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From cftc.gov|Aug 28, 2025The Commodity Futures Trading Commission’s Division of Market Oversight today issued an advisory regarding the foreign board of trade (FBOT) registration framework for non-U.S. entities legally organized and operating outside the United States that seek to provide persons physically located in the United States with direct market access to their trading platforms. The CFTC’s FBOT registration framework applies to all markets, regardless of asset class, and includes both traditional and digital asset markets. “Today’s FBOT advisory provides the regulatory clarity needed to legally onshore trading activity that was driven out of the United States due to the unprecedented regulation by enforcement approach of the past several years,” said Acting Chairman Caroline D. Pham. “By reaffirming the CFTC’s longstanding approach to provide U.S. traders with choice and access to the deepest and most liquid global markets, with a wide range of products and asset classes, American companies that were forced to set up shop in foreign jurisdictions to facilitate crypto asset trading now have a path back to U.S. markets. “As I’ve said before, the CFTC’s existing registration categories are the simplest and fastest solution. Since the 1990s, Americans have been able to trade on non-U.S. exchanges that are registered with the CFTC as FBOTs. Starting now, the CFTC welcomes back Americans that want to trade efficiently and safely under CFTC regulations, and opens up U.S. markets to the rest of the world. It’s just another example of how the CFTC will continue to deliver wins for President Trump as part of our crypto sprint.” As the global derivatives markets continue to evolve, leading to the development of new products, asset classes, and trading platforms both wit [] CFTC TO CREATE PATHWAY FOR US CITIZENS TO TRADE ON OFFSHORE EXCHANGES SUCH AS BINANCE, BYBiT, OKX Today’s FBOT advisory provides the regulatory clarity needed to legally onshore trading activity that was driven out of the United States due to the unprecedented regulation by enforcement approach of the past several years. By reaffirming the CFTC’s longstanding approach to…
