- Crypto investigator ZachXBT has accused Soulja Boy of shilling fraudulent crypto tasks.
- Soulja Boy reportedly participated in 73 crypto promotions and 16 NFT drops.
- The US SEC introduced civil lawsuits towards the rapper final month for failure to reveal cost whereas selling crypto tasks.
Standard channel investigator ZachXBT has accused rapper Soulja Boy of making the most of fraudulent crypto tasks by utilizing his reputation and affect to advertise the tasks. The crypto sleuth’s analysis revealed that the rapper promoted and took part in dozens of crypto and NFT tasks that turned out to be scams and rug pulls.
ZachXBT lately took to Twitter to show Soulja Boy’s shilling particulars about fraudulent crypto tasks. In keeping with the on-channel investigator, the rapper was a part of 73 promotions and 16 NFT drops, a lot of which have been scams. His crypto shilling dates again to July 2021 when he tweeted a promotion of a token referred to as RapDoge.
Knowledge collected by ZachXBT revealed that within the final crypto bull run, Soulja Boy was charging as much as $12,000 for Instagram promotions and $10,000 for Twitter promotions. The rapper earned round $730,000 from these promotions, along with the funds he raised by way of his NFT collections.
Soulja Boy usually inspired his followers to put money into crypto tokens which ended up being rug attracts. On some phases, he was joined by different rappers, together with Lil Yachty and Quavo. Its most notorious accomplices embody Orion, SafeMars, Flokinomics and ParrotsDAO. Because the begin of this month, the rapper has dropped seven totally different NFTs. A few of them have been eliminated because of mental property infringement.
“It is abundantly clear that Soulja Boy will do something to earn money, whether or not or not it harms his followers. I believe there are extra examples than what I’ve discovered. I believe that ‘He needs to be an instance as authorized motion does not appear to discourage his actions,’ ZachXBT tweeted.
Final month, the USA Securities and Change Fee filed civil lawsuits towards Soulja Boy and several other different celebrities for not disclosing that they’d been paid to advertise crypto tasks. The rapper and his fellow celebrities settled the fees by paying greater than $400,000 to the regulator.
