NFT
Rapper-turned-crypto-enthusiast Soulja Boy has promoted dozens of crypto coins and non-fungible token (NFT) projects, some of which turned out to be scams, according to research by internet sleuth ZachXBT.
Best known for his 2007 hit “Crank That,” Soulja Boy has in recent years expressed an interest in cryptocurrencies and NFTs. 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 (SEC) 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.
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 ICO 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.
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