On-chain investigator ZachXBT has accused rapper Soulja Boy of profiting from scam crypto projects by using his popularity and influence to promote fraudulent projects. According to ZachXBT’s research, the rapper participated in dozens of crypto and NFT projects that turned out to be scams and rug pulls. The crypto sleuth took to Twitter to detail Soulja Boy’s shilling of fraudulent crypto projects, revealing that the rapper was involved in 73 promotions and 16 NFT drops, many of which were scams.
Soulja Boy has been involved in crypto shilling since July 2021 when he tweeted a promotion of a token called RapDoge. ZachXBT’s data shows that during the last crypto bull run, the rapper charged up to $12,000 for promotions on Instagram and $10,000 for Twitter promotions. In total, he made an estimated $730,000 from these promotions, in addition to the funds he raised from his NFT collections.
The rapper often encouraged his followers to invest in crypto tokens that turned out to be rug pulls. He was joined by fellow rappers including Lil Yachty and Quavo on some of these shills. His most infamous shills include Orion, SafeMars, Flokinomics, and ParrotsDAO. Since the beginning of this month, the rapper has dropped seven different NFTs, some of which have been taken down due to infringement of intellectual property.
ZachXBT believes that Soulja Boy will do anything to make money, regardless of whether or not it hurts his fans. He suspects that there are more examples of the rapper’s fraudulent activities than what he found. The on-chain investigator believes that Soulja Boy should be made an example of, as legal action does not seem to deter his actions.
Last month, the U.S. Securities and Exchange Commission brought civil charges against Soulja Boy and several other celebrities for not disclosing that they were paid to promote crypto projects. The rapper and his fellow celebrities settled the charges by paying more than $400,000 to the regulator.
Soulja Boy’s involvement in fraudulent crypto projects highlights the need for investors to exercise caution when investing in crypto and NFTs. It is important to conduct thorough research and due diligence before investing in any project. Additionally, investors should be wary of influencers who promote crypto projects without disclosing their financial interests in them.
The crypto industry has been plagued by scams and rug pulls, with investors losing millions of dollars to fraudulent projects. It is the responsibility of regulators, investors, and industry participants to work together to combat these scams and promote transparency in the industry. By holding fraudulent actors accountable for their actions, the industry can build trust and credibility with investors and the wider public.
