Soulja Boy Has Reportedly Been Cranking Out Promotions for Scam NFT Projects
Featured SpeakerDaniel Alegre
CEOYuga Labs
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.
:format(jpg)/www.coindesk.com/resizer/pXwdPlwwOjxuaLreoSY61qdwEOo=/arc-photo-coindesk/arc2-prod/public/FP2IRHIVEVHALBD7UNMVS5YA3U.jpg)
Rosie Perper is the Deputy Managing Editor for the Web3 news section, focusing on the metaverse, NFTs, DAOs and emerging technology like VR/AR. She has previously worked across breaking news, global finance, tech, culture and business. She holds a small amount of BTC and ETH and several NFTs.
Featured SpeakerDaniel Alegre
CEOYuga Labs
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.
Rapper-turned-crypto-enthusiast Soulja Boy has promoted dozens of crypto coins and NFT projects, some of which turned out to be scams, according to research by pseudonymous internet sleuth ZachXBT.
Best known for his 2007 hit “Crank That,” Soulja Boy has in recent years expressed an interest in cryptocurrencies and non-fungible tokens. The rapper bragged about bitcoin gains on the 2018 track “Bitcoin” and released a 3D NFT collection earlier this month.
According to ZachXBT, Soulja Boy tweeted about various crypto projects and NFTs 73 times since March 2021. In particular, ZachXBT cites a complaint made by the U.S. Securities and Exchange Commission in March, charging Soulja Boy and other celebrities like Lindsay Lohan, Jake Paul, Akon and Ne-Yo with promoting tronix (TRX) and BitTorrent (BTT) without disclosing compensation. He also pumped a now-defunct token called RAPDOGE in 2021.
ZachXBT also points to promotions of tokens like SaferMars, which turned out to be a rug pull scam. According to ZachXBT, Soulja Boy’s promotions to his millions of followers across social media are estimated to have netted him over $730,000.
Soulja Boy did not immediately respond to CoinDesk for comment.
Celebrities continue to face growing scrutiny over their promotion of NFTs and other crypto tokens without proper disclosure. In 2018, boxer Floyd Mayweather and DJ Khaled reached settlements with the SEC for promoting an initial coin offering called Centra without announcing that they were paid to do so. Rapper T.I. also reached a settlement with the SEC for breaching securities laws by selling scam crypto investments, while celebrities like Kim Kardashian were sued over their promotion of infamous crypto coin EthereumMax.
Edited by Toby Leah Bochan.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Rosie Perper is the Deputy Managing Editor for the Web3 news section, focusing on the metaverse, NFTs, DAOs and emerging technology like VR/AR. She has previously worked across breaking news, global finance, tech, culture and business. She holds a small amount of BTC and ETH and several NFTs.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Rosie Perper is the Deputy Managing Editor for the Web3 news section, focusing on the metaverse, NFTs, DAOs and emerging technology like VR/AR. She has previously worked across breaking news, global finance, tech, culture and business. She holds a small amount of BTC and ETH and several NFTs.
