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- Crypto investigator ZachXBT has accused Soulja Boy of shilling fraudulent crypto tasks.
- Soulja Boy has allegedly taken half in 73 crypto promotions and 16 NFT drops.
- The US SEC introduced civil fees towards the rapper final month for non-disclosure of cost whereas selling crypto tasks.
In style on-chain investigator ZachXBT has accused rapper Soulja Boy of cashing in on rip-off crypto tasks by utilizing his reputation and affect to advertise the tasks. The crypto sleuth’s analysis discovered that the rapper promoted and took part in dozens of crypto and NFT tasks that turned out to be scams and rug pulls.
ZachXBT took to Twitter not too long ago to put out the main points of Soulja Boy’s shilling of fraudulent crypto tasks. In keeping with the on-chain investigator, the rapper was part of 73 promotions and 16 NFT drops, lots of which had been scams. His crypto shilling dates again to July 2021 when he tweeted a promotion of a token referred to as RapDoge.
Knowledge gathered by ZachXBT revealed that over the last crypto bull run, Soulja Boy was charging as much as $12,000 for promotions on Instagram and $10,000 for Twitter promotions. The rapper made an estimated $730,000 from these promotions, along with the funds he raised from his NFT collections.
Soulja Boy usually inspired his followers to put money into crypto tokens that ended up being rug pulls. On some shills, he was joined by fellow rappers together with Lil Yachty and Quavo. His most notorious shills embrace Orion, SafeMars, Flokinomics, and ParrotsDAO. Because the starting of this month, the rapper has dropped seven totally different NFTs. A few of these have been taken down as a result of infringement of mental property.
“It’s abundantly clear Soulja Boy will do something to earn a living no matter whether or not or not it hurts his followers. I believe there are extra examples than what I discovered. I imagine he needs to be made an instance of as authorized motion doesn’t appear to discourage his actions,” ZachXBT acknowledged on Twitter.
Final month the U.S. Securities and Alternate Fee introduced civil fees towards Soulja Boy and several other different celebrities for not disclosing that they had been paid to advertise crypto tasks. The rapper and his fellow celebrities settled the costs by paying greater than $400,000 to the regulator.