NFT
Rapper-turned-crypto-enthusiast Soulja Boy has promoted dozens of crypto cash and non-fungible token (NFT) initiatives, a few of which turned out to be scams, based on analysis by web sleuth ZachXBT.
Greatest recognized for his 2007 hit “Crank That,” Soulja Boy has lately expressed an curiosity in cryptocurrencies and NFTs. The rapper bragged about bitcoin features on the 2018 observe “Bitcoin” and launched a 3D NFT assortment earlier this month.
In accordance with ZachXBT, Soulja Boy tweeted about varied crypto initiatives and NFTs 73 occasions since March 2021. Particularly, ZachXBT cites a grievance made by the U.S. Securities and Alternate Fee (SEC) in March, charging Soulja Boy and different celebrities like Lindsay Lohan, Jake Paul, Akon and Ne-Yo with selling Tronix (TRX) and BitTorrent (BTT) with out disclosing compensation. He additionally pumped a now-defunct token known as RAPDOGE in 2021.
ZachXBT additionally factors to promotions of tokens like SaferMars, which turned out to be a rug pull rip-off. In accordance with ZachXBT, Soulja Boy’s promotions to his hundreds of thousands of followers throughout social media are estimated to have netted him over $730,000.
Celebrities proceed to face rising scrutiny over their promotion of NFTs and different crypto tokens with out correct disclosure. In 2018, boxer Floyd Mayweather and DJ Khaled reached settlements with the SEC for selling an ICO known as Centra with out saying that they have been paid to take action. Rapper T.I. additionally reached a settlement with the SEC for breaching securities legal guidelines by promoting rip-off crypto investments, whereas celebrities like Kim Kardashian have been sued over their promotion of notorious crypto coin EthereumMax.
See Additionally: The SEC’s Scattershot Strategy Exhibits Its Weak spot
