• American rapper Soulja Boy is dealing with renewed public criticism from the analytics agency Bubblemaps over his historical past of paid crypto and NFT promotions that allegedly collapsed.
  • The rapper issued a public apology, claiming he ran previous promotions with out understanding the market or figuring out a promoter linked to fraudulent schemes (Sahil Arora) was concerned, a protection critics have largely dismissed.
  • The controversy is magnified by prior allegations from investigator ZachXBT linking Soulja Boy to 73 crypto and 16 NFT tasks flagged as scams, and by a Base community co-founder showing to amplify a brand new Soulja Boy-linked memecoin.

American rapper Soulja Boy is dealing with backlash once more for his historical past of paid crypto and NFT promotions, after on-chain analytics agency Bubblemaps publicly criticised him and resurfaced allegations of repeated involvement in token campaigns that later collapsed.

Soulja Boy’s fast response was a public apology on X. He mentioned he ran paid promotions prior to now with out understanding the crypto and NFT market, and that he didn’t know a widely known memecoin promoter, Sahil Arora, was concerned or paying him to push something fraudulent. 

He apologised to individuals who misplaced cash and framed it as a lesson realized, whereas additionally admitting he didn’t do sufficient due diligence on the time. However the apology didn’t change public sentiment, as a result of critics interpret it as a typical “I didn’t know” protection reasonably than a substantive rationalization of what occurred.

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Full Backlash

Bubblemaps rejected the reason and framed his conduct as cyclical. In a sarcastic timeline, it alleged he promoted quite a few tokens throughout the 2021 peak, profited whereas costs later fell to near-zero, left the sector, then returned years later to launch memecoins by way of PumpFun that additionally went to zero. 

Bubblemaps additionally mentioned that after it highlighted these claims, Soulja Boy blocked the platform’s X account, then tried to distance himself by attributing duty to Arora whereas persevering with to affiliate with new crypto initiatives, together with exercise on Coinbase’s Base community.

The present backlash attracts on earlier reporting from blockchain investigator ZachXBT. In 2023, ZachXBT alleged Soulja Boy was linked to 73 crypto promotions and 16 NFT tasks later flagged as scams, and claimed the promotions generated greater than US$730,000 (AU$1,116,900) in compensation throughout the interval reviewed. ZachXBT has once more warned merchants to be cautious as a brand new Soulja Boy-linked memecoin circulates on social media.

The controversy expanded after Jesse Pollak, a co-founder of Base, posted what he described as proof of a US$1,500 (AU$2,295) Ether buy used to purchase the token, prompting ZachXBT to query why a serious community determine would amplify a promoter with that monitor report. 

ZachXBT’s prior thread cited a number of endorsed tokens that he mentioned have been later deserted or turned “rug pulls,” a rip-off the place insiders withdraw liquidity and go away holders with near-worthless tokens.

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The put up ZachXBT Raises Red Flags Over New Soulja Boy–Promoted Memecoin appeared first on Crypto News Australia.