Soulja Boy faces another "scam promotion" controversy: 73 projects with over 1 billion yuan in revenue, repetitive patterns trigger trust crisis

Source: TokenPost Original Title: Soulja Boy Again Faces ‘Scam Promotion’ Controversy… Reexamining NFT and Meme Coin Investment Losses Original Link:

Background of the Incident

American rapper and music producer Soulja Boy has once again come under controversy for his past promotion activities related to cryptocurrencies and NFTs. Recently, he posted a statement on social media defending himself, but on-chain analysis platform Bubblemaps quickly issued a post mocking his “repeated scam promotion behavior,” highlighting the issues involved.

Lack of Reception for Justification

Soulja Boy stated on X platform: “At the time, I didn’t understand cryptocurrencies and NFTs well, I was just doing simple paid promotions,” and claimed he was unaware that Sahil Arora was involved in fraud. Sahil Arora is known for planning and promoting celebrity-themed meme coins and is frequently mentioned in the crypto industry.

Soulja Boy added: “I made a mistake back then, but I’ve learned a lot now, and I sincerely apologize to those harmed.” However, industry reactions have been lukewarm. Bubblemaps released a detailed timeline outlining the repeated pattern of “scam promotion” over the years:

• Promoting dozens of scam tokens in 2021 → quick profits but projects all crashed
• After years of silence, launching a new meme coin on Pump.fun → value returns to zero again
• Subsequently blocking Bubblemaps and publishing a defense article → shifting blame to Sahil Arora
• Currently reactivated on the Base blockchain

Bubblemaps pointed out: “The same script is repeating.”

Data Accusations

Notable on-chain tracker ZachXBT released a report last year indicating that Soulja Boy has promoted numerous NFT and crypto projects since 2021, most of which ultimately became rug pulls or failed projects.

According to the report, Soulja Boy promoted at least 73 crypto projects and 16 NFT projects, earning a total of $730,000 (about 10.73 million RMB) from these promotions. Most of these projects used celebrity involvement as a main selling point at launch to attract investors, but then prices plummeted or projects terminated, causing substantial losses for investors.

Legal Disputes

These promotional activities have raised questions about legal responsibility. In 2022, Soulja Boy was sued along with Nick Carter, Ben Phillips, Lil Yachty, and others over the failure of the “SafeMoon” project. They were accused of excessively hyping expectations through social media to induce investments, ultimately causing losses for investors.

A key issue in the lawsuit is: “Careless promotion” on social media may be irresponsible in protecting consumers. Regardless of the case outcome, the re-emergence of similar issues indicates this is more than just “simple mistakes.”

Community Backlash

The crypto community refuses to accept Soulja Boy’s apologies and defenses. Some community opinions hold that “even if out of ignorance, responsibility must be taken.” Critics point out that he repeatedly used celebrity influence to promote high-risk projects, causing significant harm to the crypto ecosystem.

Currently, meme coins and NFT markets are heavily driven by speculation, with participation or viral dissemination on social media serving as indicators. Scams or early withdrawals are repeatedly happening. Discussions around “influencer promotion ethics” are heating up. Repeatedly promoting projects for fees without prior due diligence ultimately shifts the losses onto investors.

Market Insights

Regardless of any celebrity promotion, investors need to remain vigilant. Before making investment decisions, they must prioritize examining the project’s technical fundamentals and practical applications. The pattern of “initial price surge followed by a crash” is common in meme coins.