On-Chain Sleuth ZachXBT Uncovers Rapper Soulja Boy’s Crypto Scams

• Crypto investigator ZachXBT has accused Soulja Boy of shilling fraudulent crypto initiatives.
• 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 initiatives.

In style on-chain investigator ZachXBT has accused rapper Soulja Boy of taking advantage of rip-off crypto initiatives through the use of his recognition and affect to advertise the initiatives. The crypto sleuth’s analysis discovered that the rapper promoted and took part in dozens of crypto and NFT initiatives that turned out to be scams and rug pulls.

ZachXBT took to Twitter lately to put out the small print of Soulja Boy’s shilling of fraudulent crypto initiatives. Based on the on-chain investigator, the rapper was part of 73 promotions and 16 NFT drops, a lot of which have been scams. His crypto shilling dates again to July 2021 when he tweeted a promotion of a token referred to as RapDoge.

1/ In latest weeks influencers have given @souljaboy reward for brand spanking new NFT initiatives in hopes of clout.In actuality he has been one of the crucial shameless promoters within the crypto area.In my analysis I noticed 73 promotions & 16 NFT drops executed by him. Many of those have been scams. pic.twitter.com/8xRDN79S5t

— ZachXBT (@zachxbt) April 19, 2023

Knowledge gathered by ZachXBT revealed that over the past 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 spend money on 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 completely different NFTs. A few of these have been taken down attributable to infringement of mental property.

“It’s abundantly clear Soulja Boy will do something to earn cash no matter whether or not or not it hurts his followers. I think there are extra examples than what I discovered. I consider he ought to be made an instance of as authorized motion doesn’t appear to discourage his actions,” ZachXBT said 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 have been paid to advertise crypto initiatives. The rapper and his fellow celebrities settled the costs by paying greater than $400,000 to the regulator.

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