Popular on-chain investigator ZachXBT has accused rapper Soulja Boy of profiting from scam crypto projects by using his popularity and influence to promote the projects. The crypto sleuth’s research found that the rapper promoted and participated in dozens of crypto and NFT projects that turned out to be scams and rug pulls.
ZachXBT took to Twitter recently to lay out the details of Soulja Boy’s shilling of fraudulent crypto projects. According to the on-chain investigator, the rapper was a part of 73 promotions and 16 NFT drops, many of which were scams. His crypto shilling dates back to July 2021 when he tweeted a promotion of a token called RapDoge.
Data gathered by ZachXBT revealed that during the last crypto bull run, Soulja Boy was charging up to $12,000 for promotions on Instagram and $10,000 for Twitter promotions. The rapper made an estimated $730,000 from these promotions, in addition to the funds he raised from his NFT collections.
Soulja Boy often encouraged his followers to invest in crypto tokens that ended up being rug pulls. On some shills, he was joined by fellow rappers including Lil Yachty and Quavo. 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 these have been taken down due to infringement of intellectual property.
“It’s abundantly clear Soulja Boy will do anything to make money regardless of whether or not it hurts his fans. I suspect there are more examples than what I found. I believe he should be made an example of as legal action does not seem to deter his actions,” ZachXBT stated on Twitter.
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.
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Source: Cryptocurrency - investing.com
