- American rapper Soulja Boy promoted 73 times and dropped 16 NFTs, some of which were scams, according to on-chain detective @zachxbt.
- The fraudulent NFT projects include RapDoge, Orion, The Life Token, SaferMars, Flokinomics, and ParrotsDAO.
- Soulja Boy is currently facing a lawsuit related to promoting Tron and Safemoon.
American rapper Soulja Boy has been accused of promoting multiple cryptocurrency scams on Twitter. On-chain detective Zach has claimed that the musician made 73 promotions and 16 NFT drops on the social media platform, many of which were fraudulent. These include tokens such as RapDoge, Orion, The Life Token, SaferMars, Flokinomics, and ParrotsDAO.
This revelation highlights the ongoing issue of scams and frauds in the cryptocurrency industry, particularly in the non-fungible token (NFT) space. While many legitimate projects exist, the lack of regulation and the ease with which scams can be created and promoted online leaves investors vulnerable to potential losses.
The recent lawsuit against Soulja Boy by the creators of Tron and Safemoon underscores the seriousness of these allegations. The rapper allegedly received payment to promote these tokens, but failed to disclose that he was being compensated for his endorsements.
This situation serves as a cautionary tale for investors in the cryptocurrency space, as well as for celebrities and influencers who may be approached to promote these types of assets. It is important to thoroughly research any investment opportunity and be wary of endorsements that seem too good to be true.
As the popularity of cryptocurrencies and NFTs continues to grow, it is crucial that steps are taken to protect investors and promote transparency in the industry. This includes increased regulation and enforcement to prevent fraudulent activities and ensure that investors are fully informed before making any investment decisions.
Recommended News :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
