American rapper Soulja Boy is involved in too many crypto scams – Cryptopolitan
While influencers have praised Soulja Boy for his new NFT projects, The reality is that he has become one of the most shameless promoters in the cryptocurrency space. Research shows that the rapper has been involved in 73 promotions and 16 NFT drops, many of which turned out to be scams.
Soulja Boy’s activities are supposed to follow FTC guidelines since he is based in the US, but he has repeatedly ignored them, resulting in charges from the SEC for Tron and a lawsuit for Safemoon.
Gruesome examples of Soulja Boy’s crypto scam
Soulja Boy’s involvement in various scams is well documented. On July 19, 2021, he tweeted about RapDoge, encouraging people to pump the price. The project was subsequently pulled after support from other artists such as Lil Yachty and Quavo.
Soulja Boy was also involved in promoting Orion and The Life Token, two projects that used cancer and suicide prevention charities as a means of pumping up their prices. The Orion curtain was drawn within a month and The Life Token was abandoned in early 2022.
Another infamous scam promoted by Soulja Boy was SaferMars, where he accidentally left compensation details in his promotional tweet. The curtain on the project was pulled shortly after, and he deleted his tweets to cover up the evidence.
In October 2021, Soulja Boy promoted Flokinomics, a scam that paid for media coverage and falsely claimed to be created by Elon Musk. The project’s Twitter and website were eventually deleted.
Soulja Boy was also involved in promoting ParrotsDAO, which pulled the curtain within 24 hours of his tweet, and he again deleted all evidence of his involvement.
In addition to promoting scams, Soulja Boy has released various NFT compilations. In 2021, he created nine different collections, one of which, SouljaBoyNFT, advertised utility but now has an offline website.
In April 2023, he dropped seven new NFTs, including a 3D NFT with Ferrari and Nike logos, which was removed from OpenSea for IP infringement. Soulja Boy has not refunded buyers and continues to make more NFTs, ignoring his previous customers.
During the last crypto bull run, Soulja Boy charged up to $12,000 for Instagram promotions and $10,000 for Twitter promotions. These promotions would have netted him an estimated $730,000, plus funds from his various NFT collections.
It’s clear that Soulja Boy is willing to do anything to make money, regardless of the damage it may cause to his fans. Legal action has not deterred his actions, leading some to believe he should be made an example of.
America’s perception of cryptocurrency safety and reliability
A study by the Pew Research Center found that 88% of US citizens have at least a basic knowledge of cryptocurrencies, but only 24% consider investing, trading or using digital assets to be safe and reliable.
The study also revealed different attitudes based on demographic factors such as gender, age, race and income level. Overall, 75% of respondents were not convinced about the safety and reliability of cryptocurrencies, and women were slightly more skeptical than men.
Investors tend to have higher confidence in cryptocurrencies, with one in five either “extremely” or “very confident” in their investments. However, the ongoing scams and controversies surrounding figures like Soulja Boy continue to damage the reputation of the crypto space.
