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Kanye West Unveils Memecoin (YZY), Soars to $3 Billion Before Plummeting Amid Internal Turmoil

Vanessa May on August 22, 2025


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Kanye West's Memecoin YZY Launches and Crashes

Quick Read

  • Kanye West, now referred to as Ye, debuts memecoin YZY on the Solana blockchain.
  • YZY’s market capitalization skyrocketed to US$3 billion before plummeting amid insider turmoil.
  • Initially, 94% of YZY’s total supply was held by insiders, prompting fears of market manipulation.
  • YE Pay and YZY Card enhance YZY’s functionality beyond being merely a meme.
  • Within 24 hours, the memecoin’s market cap fell below US$1 billion.
  • Critics alleged that the venture might be a potential “rug pull” scheme.
  • The launch sparked legal issues and a backlash on social networks.

Kanye West Steps into Cryptocurrency With YZY

Kanye West, now recognized as Ye, has embarked on a journey into cryptocurrency with the introduction of his memecoin, YZY. The announcement was made through a post on X, presenting the coin as an innovative financial concept tied to his Yeezy label. However, the launch quickly became one of the most disputed crypto events since Hawk Tuah.

Technical Overview of YZY

YZY is developed on the Solana blockchain, selected for its rapidity and economical nature, making it a preferred choice for memecoins. Most trading takes place on the Meteora decentralized exchange. Even with a liquidity pool established, early worries surfaced regarding its capacity for swift exits.

Supply and Allocation

The aggregate supply of YZY is limited to 1 billion tokens. The distribution approach aimed to discourage sniping, yet it was unsuccessful. An innovative anti-sniping mechanism was applied, employing 25 contract addresses with one being randomly selected for the official YZY. Nevertheless, 94% of the supply was initially in the hands of insiders, including a multisig wallet controlling 87%, which raised concerns.

Connected Tools

In addition to the coin, Kanye launched YE Pay, a cryptocurrency payment processor that promises lower fees for businesses. Furthermore, the YZY Card enables users to utilize YZY and USDC in transactions worldwide. These features place YZY within a larger ecosystem, although its success depends on sustaining value and trust.

Price Boom and Collapse

YZY saw a dramatic increase, surging by over 1,000% in just 40 minutes from the launch, hitting a market capitalization of US$3 billion (A$4.5 billion). This increase drew a large number of traders. However, within a day, the value of the coin decreased by 66%, reducing the market cap to below US$1 billion. Currently, YZY is trading at approximately US$0.86 per token, with a market cap of US$258 million (A$387 million).

The Emerging Controversy

What started as a buzz soon unraveled into controversy, with claims of insider trading and biased distribution. The single-sided liquidity pool on Meteora allowed insiders to retain control, leading to allegations of prospective “rug pull” strategies. Investigations indicated that a small number of wallets gained a substantial profit, while more than 56,000 users incurred losses.

Legal Escapes and Reactions

The project’s terms encompass a class action waiver, transferring potential legal responsibilities to users. Social media platforms were filled with claims of scams and rug pulls. This situation underscores the dangers of celebrities initiating memecoins, often resulting in monetary losses for supporters and tarnishing reputations.

Conclusion

Kanye West’s venture into the cryptocurrency market with the YZY memecoin rapidly became contentious. Despite an initial valuation surge, insider conflicts and distribution challenges led to a notable decline. The complexities of the launch and the following backlash serve as a cautionary tale for celebrities entering the digital currency landscape.

Q: What is YZY?

A: YZY is a memecoin launched by Kanye West, built on the Solana blockchain, intended to offer a new financial concept tied to his Yeezy brand.

Q: Why did YZY’s value crash?

A: YZY’s value crashed due to allegations of insider trading, unfair distribution, and concerns of potential manipulation, leading to a dramatic drop in market cap.

Q: What tools are associated with YZY?

A: Associated tools include YE Pay, a crypto payment processor, and YZY Card, allowing users to spend YZY and USDC globally.

Q: What legal concerns arose from the YZY launch?

A: The project’s terms include a class action waiver, leading to backlash and accusations of shielding against lawsuits if the venture fails.

Q: How was the YZY distribution model intended to work?

A: The distribution model was designed to deter snipers by using 25 contract addresses, with one randomly chosen for the official YZY, but it failed to prevent insider control.

Q: How has the public reacted to YZY?

A: The public reaction has been largely negative, with accusations of scams and manipulation, resulting in significant financial losses for many traders.

JBL Live Free NC+ True Wireless in-Ear Noise Cancelling Headphones Review

Matthew Miller on August 22, 2025


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JBL Live Free NC+ – True Wireless in-Ear Noise Cancelling Bluetooth Headphones with Active Noise Cancelling, Microphone, Up to 21H Battery, Wireless Charging (Black)

AI Browsers Prone to Scams and Phishing, Security Professionals Caution

Vanessa May on August 22, 2025


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AI Browsers Prone to Fraud and Phishing, Experts in Security Warn

AI Browsers Succumb to Fraud and Phishing Attempts

Quick Read

  • AI browsers such as Comet have weaknesses against fraud and phishing.
  • Research by Guardio called “Scamlexity” evaluated AI vulnerabilities.
  • While AI browsers can automate processes, they lack human skepticism.
  • It’s essential to incorporate security protocols into AI browsing systems.
AI browsers susceptible to fraud and phishing, researchers in security reveal

The Weaknesses of AI Browsers

Agentic artificial intelligence (AI) web browsers, which are created to carry out tasks independently, are demonstrating a high level of vulnerability to fraud and phishing, as indicated by a report from Guardio, a consumer security firm. The study, referred to as “Scamlexity,” showcases the naivety of AI browsers when confronted with both traditional and novel cyber threats.

Guardio’s “Scamlexity” Study

Guardio’s investigation concentrated on the Comet browser developed by Perplexity.ai, featuring agentic AI abilities that enable it to automate intricate online tasks, such as comparing prices and adding products to shopping carts. Despite its sophisticated capabilities, Comet imposes certain restrictions for security purposes, like not inputting personal or payment details.

Evaluating AI Vulnerabilities

Guardio devised scenarios to examine how AI browsers like Comet react to counterfeit ecommerce and phishing websites, along with prompt injection assaults. In one scenario, Comet was deceived into processing a purchase on a counterfeit Walmart site, acquiring an Apple Watch. In another instance, Comet was duped by a phishing email that presented itself as a task from Wells Fargo Bank, leading to the input of user credentials on a fraudulent login interface.

AI Browsers and Security Hazards

The weaknesses observed in AI browsers stem from their design, which emphasizes user experience and lacks the skepticism inherent in human judgment. AI systems generally exhibit excessive trust and execute commands devoid of context, rendering them susceptible to exploitation.

Requirement for Integrated Security Protocols

Guardio underlines the critical need for incorporating established security measures such as phishing detection, URL reputation assessments, domain spoofing notifications, and malware file scanning into the decision-making frameworks of AI browsers.

Industry Reaction

Perplexity, the firm behind the Comet browser, recognizes the security issues underscored by Guardio, highlighting the significance of seriously addressing these vulnerabilities instead of dismissing them.

Conclusion

AI browsers, despite providing sophisticated autonomous features, are exposed to fraud and phishing attempts due to their intrinsic trust and absence of human-like skepticism. Guardio’s “Scamlexity” study reveals notable security threats, accentuating the necessity for integrated security measures to protect AI browsing activities.

FAQs

Q: What are AI browsers?

A: AI browsers are web browsers that utilize artificial intelligence technologies to carry out tasks independently for users.

Q: What vulnerabilities do AI browsers have?

A: AI browsers are susceptible to fraud and phishing attempts due to their inclination to trust readily and lack human skepticism.

Q: How did Guardio assess AI browsers?

A: Guardio executed tests with scenarios involving false ecommerce and phishing websites, as well as prompt injection attacks, to evaluate AI vulnerabilities.

Q: What security protocols are necessary for AI browsers?

A: Security protocols such as phishing detection, URL reputation assessments, and domain spoofing warnings need to be built into AI browsers’ decision-making systems.

Q: What has been the industry’s response to AI browser vulnerabilities?

A: Companies such as Perplexity acknowledge the security issues and emphasize the importance of addressing these vulnerabilities with seriousness.

OnePlus Buds 4 Wireless Earbuds Review

Matthew Miller on August 21, 2025


We independently review everything we recommend. When you buy through our links, we may earn a commission which is paid directly to our Australia-based writers, editors, and support staff. Thank you for your support!

OnePlus Buds 4 Wireless Earbuds,Bass Wave in-Ear Buds,IP55 Tri-Mics AI Earphone,Up to 55dB Adaptive Noise Cancellation,Up to 45Hrs Battery,Grey

Microsoft restricts China’s entry to cyber early warning system

David Leane on August 21, 2025


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Microsoft Implements New Cybersecurity Restrictions Against Chinese Entities

Brief Overview

  • Microsoft has limited access to its cyber early warning system for specific Chinese companies.
  • This decision follows accusations of China’s participation in a hacking operation targeting SharePoint servers.
  • Some cybersecurity analysts believe there may be a leak within Microsoft’s Active Protections Program (MAPP).
  • Microsoft is taking measures to safeguard the information provided to its partners from being misused.

A Detailed Examination of Microsoft’s Cybersecurity Measures

Microsoft restricts Chinese access to cyber early warning system

In a pivotal action, Microsoft has restricted several Chinese organizations from accessing its early warning system for cybersecurity threats. This move comes amid allegations that the Chinese government was linked to a recent hacking campaign aimed at Microsoft’s SharePoint servers.

Reasons Behind the Restrictions

The restrictions respond to last month’s extensive hacking attempts on SharePoint servers. Microsoft and various cybersecurity experts have implicated Beijing in these attempts, raising alarms regarding a possible leak from Microsoft’s Active Protections Program (MAPP), which is intended to alert security vendors, including those in China, about potential cyber threats in order to enhance their defenses.

What is Proof-of-Concept Code?

Microsoft has chosen to cease the distribution of “proof-of-concept code” to selected Chinese companies. Although designed to aid cybersecurity professionals in bolstering their systems, this code can also be exploited by hackers to exploit defenders’ vulnerabilities.

Beijing’s Response and Microsoft’s Measures

Despite Beijing’s denial of any role in the hacking events, Microsoft has enacted preventive measures. The company recognizes the risk that information shared with its partners could be misused and has adopted known and confidential strategies to mitigate this risk.

Microsoft’s Inquiry and Future Actions

Microsoft has not revealed specific information about the companies impacted by these restrictions or the progress of its investigation into the hacking events. Nonetheless, the company has reiterated its dedication to evaluating participants and suspending or terminating relationships with any that breach their contractual obligations, particularly those against engaging in offensive cyber operations.

Conclusion

Microsoft’s choice to restrict access for certain Chinese companies to its cyber early warning system underscores the ongoing tensions and challenges present in the global cybersecurity landscape. With allegations of hacking and potential vulnerabilities, the technology leader is taking decisive actions to safeguard its systems and ensure its information remains secure.

Questions & Answers

Q: Why did Microsoft limit access for companies in China?

A: Microsoft implemented restrictions following accusations that Chinese organizations participated in hacking efforts against its SharePoint servers.

Q: What is the Microsoft Active Protections Program (MAPP)?

A: MAPP is a program that alerts security vendors globally about cybersecurity threats ahead of the general public, enabling them to enhance their protective measures.

Q: What is proof-of-concept code, and why does it matter?

A: Proof-of-concept code simulates the operations of malicious software, assisting cybersecurity professionals in fortifying their systems, but it can also be misappropriated by hackers.

Q: How has Beijing reacted to the hacking accusations?

A: Beijing has refuted any claims of involvement in the hacking events aimed at Microsoft’s SharePoint servers.

Q: What measures is Microsoft taking to prevent the misuse of its information?

A: Microsoft is employing both known and confidential strategies to avert misuse while conducting ongoing reviews of participants to identify contractual violations.

House of Marley Champion 2: True Wireless Earbuds Review

Matthew Miller on August 21, 2025


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House of Marley Champion 2: True Wireless Earbuds with Microphone, Bluetooth Connectivity, 35 Hours Total Playtime, and Sustainable Materials, Signature Black

Cyber Contracts Not Meeting Board Expectations: Kaine Mathrick Tech CEO

wpengine on August 21, 2025


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Cyber Contracts and Board Expectations in Australia

Cyber Contracts and Board Expectations in Australia

Cyber contracts not satisfying boards' requirements: Kaine Mathrick Tech CEO

Bradley Kaine, Kaine Mathrick Tech

Quick Overview

  • Current cybersecurity agreements fail to align with board expectations.
  • Emphasis on cyber resilience and adherence to Australian standards is essential.
  • New regulations necessitate improved incident reporting and response.
  • Entities must align agreements with overarching strategic objectives.

Status of Cyber Contracts

According to Bradley Kaine, CEO of Kaine Mathrick Tech, Australian cybersecurity agreements are not fulfilling the expectations set by boards. Despite the Commonwealth’s introduction of new cyber risk model clauses, numerous entities continue to neglect integrating cyber resilience across all layers of their procurement and vendor management strategies.

Impact of Regulatory Changes

The enactment of the Cyber Security Act 2024 and the mandate for 72-hour ransomware payment reporting serve as key motivators for organisations to reconsider their incident response clauses. However, approaching these adjustments solely as compliance measures could prove harmful. The 2023–2030 Australian Cyber Security Strategy emphasizes the importance of cultivating trust and resilience within a digital economy, urging organisations to regard cybersecurity as a matter of boardroom importance.

Essential Contractual Elements for Cybersecurity

Incident response and recovery play vital roles in cybersecurity agreements. Kaine recommends that organisations incorporate a “Mandatory Incident Disclosure and Cooperation” clause, compelling vendors to promptly alert clients regarding any ransomware incidents, reveal all interactions with extortionists, and fully cooperate in forensic investigations and governmental reports.

Connecting Cybersecurity with Board Expectations

Boards are facing growing scrutiny from regulators, shareholders, and the public to guarantee cyber resilience. A significant number of cybersecurity contracts remain overly fixated on technical controls rather than strategic integration. To close this gap, Kaine proposes a “Board-Level Cyber Risk Reporting and Assurance” clause that requires regular, board-ready updates on cyber security posture, alignment with frameworks such as the ACSC’s Essential Eight, and provisions for third-party assessments.

Conclusion

Australian organisations must reassess their strategies concerning cybersecurity contracts to align with board expectations. Incorporating resilience, synchronizing with strategic objectives, and adhering to recent regulations are crucial steps to ensure that contracts address not only IT issues but also considerations of risk, governance, and accountability.

Q&A

Q: What are the reasons for the inadequacy of current cybersecurity contracts in meeting board expectations?

A: Numerous contracts remain excessively focused on IT aspects and lack the necessary strategic alignment with the board’s objectives related to governance, risk, and resilience.

Q: What should organisations prioritize when evaluating cybersecurity contracts?

A: Organisations ought to concentrate on embedding resilience, executing risk-based evaluations, and ensuring that contracts encompass incident response, data safeguarding, and compliance with Australian standards.

Q: What consequences does the Cyber Security Act 2024 have for contracts?

A: The Act, in conjunction with the Ransomware Payment Reporting Rules 2025, compels organisations to reevaluate their incident response agreements, focusing on legal and reputational factors in addition to compliance.

Q: How can boards ensure their organisation’s readiness against cyber threats?

A: Boards can insist on provisions that mandate vendors to provide regular updates, align with key frameworks, and incorporate measures for audits and incident simulations.

Soundcore V40i Open-Ear Headphones Review

Matthew Miller on August 20, 2025


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soundcore V40i by Anker, Open-Ear Headphones, Crystal-Clear Design, Lidless Case, 4 Adjustable Positions for Every Ear Size, Richer Bass, IP55, 21H Playtime, AI Clear Calls, Bluetooth 5.4, App Control

Cybersecurity Agreements Fall Short of Boardroom Demands, Cautions Kaine Mathrick Tech CEO

David Leane on August 20, 2025


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Quick Read

  • Cybersecurity agreements are misaligned with the requirements of boardrooms, claims Kaine Mathrick Tech CEO.
  • The Cyber Security Act 2024 alongside new ransomware disclosure mandates underscores the requirement for revised incident response agreements.
  • Organizations ought to integrate cyber resilience into procurement and vendor governance procedures.
  • Board members are advised to prioritize risk, resilience, and governance over purely technical measures.

The Expanding Discrepancy in Cybersecurity Agreements

Cybersecurity agreements are inadequately meeting the extensive demands of boardrooms, as stated by Bradley Kaine, CEO of Kaine Mathrick Tech. With the evolution of cyber threats, there is a growing need for contracts that focus on extensive risk management and governance, rather than limiting themselves to technical solutions.

Regulatory Drivers: Cyber Security Act 2024

The Cyber Security Act 2024 and the obligation for 72-hour ransomware payment reporting are critical prompts for organizations to reassess their incident response strategies. However, Kaine cautions against considering these regulations as simply compliance tasks. They should encourage a more profound incorporation of cyber resilience into the overall organizational strategy.

Integrating Cyber Resilience

Bradley Kaine highlights the necessity of integrating cyber resilience throughout all levels of procurement and vendor management. This entails conducting risk-focused evaluations of suppliers, ensuring contracts stipulate clear expectations regarding incident response, and thoroughly examining cyber insurance policies.

Strategic Synchronization with Boardroom Requirements

Even with the increasing number of cyber threats, numerous cybersecurity agreements still prioritize IT concerns while failing to align with the strategic requirements of boardrooms. There is an urgent need for contracts to incorporate the lexicon of risk, resilience, and governance. Kaine recommends the implementation of board-level provisions that feature regular updates, adherence to defined frameworks, and clauses for third-party assessments.

Conclusion

As they confront evolving cyber threats and heightened regulatory scrutiny, Australian organizations must adjust their cybersecurity agreements to better fit boardroom requirements. This transition involves moving from solely technical responses to a focus on risk management and strategic alignment. Integrating cyber resilience into procurement strategies and ensuring thorough incident response initiatives are essential measures for this alignment.

Q&A

Q: What is the primary concern with existing cybersecurity agreements?

A: Existing cybersecurity agreements typically do not meet the strategic expectations of boardrooms, leaning heavily on technical details instead of encompassing broader risk management and governance elements.

Q: In what way should organizations adjust to the Cyber Security Act 2024?

A: Organizations should regard the Act as a prompt to review and improve their incident response protocols, ensuring the incorporation of cyber resilience in their procurement and vendor management activities.

Q: What is an essential clause in contracts pertaining to incident response?

A: A “Compulsory Incident Notification and Collaboration” clause is vital, mandating that vendors immediately inform clients about ransomware occurrences and fully cooperate in investigations and subsequent reporting.

Q: How can boards guarantee that cybersecurity agreements fulfill their requirements?

A: Boards should require clauses that mandate regular updates on cybersecurity status at the board level, alignment with accepted frameworks, as well as provisions for third-party evaluations and incident drills.

Cyber contracts not meeting boards' needs: Kaine Mathrick Tech CEO

Bradley Kaine, Kaine Mathrick Tech