Controversial personality Kanye West is the latest celebrity to launch a crypto token. West’s YZY token debuted on Solana late on Wednesday, and surged 881% in just 10 minutes.

YZY briefly hit a market cap of $3 billion before falling to $1.1 billion shortly after midnight. Onchain wallet tracker Lookonchain highlighted that only YZY was added to the liquidity pool with no USDC, and flagged a risk that the developer could remove all liquidity.

“Multiple insider wallets prepared funds in advance and immediately bought YZY. Insider wallet 6MNWV8 knew the contract address in advance and even tried buying yesterday,” said Lookonchain.

This story is an excerpt from the Unchained Daily newsletter.

“The multisig funded by the creator of YZY has almost $5M in unclaimed fees and $131M in liquidity. We all know how this is going to end, right?” said Blockworks researcher Fernando Molina on X. 

YZY’s tokenomics allocate 20% of its supply to the public, 10% to liquidity, while Yeezy Investments LLC controls the remaining 70%.

The token’s official documents also include a “class action waiver” clause, meaning users agree not to initiate, join, or participate in any class action lawsuits regarding disputes related to the token.

“If you’re buying this ur literally giving them permission to rug you without consequences,” pseudonymous crypto trader Dami noted on X.