ZachXBT investigates Soulja Boy’s million-dollar fraud spree in the NFT space
American rapper Soulja Boy continues with a streak of deceiving the NFT space through advertisements and drops designed to swindle money from enthusiasts of digital assets. Influencers are at the core of raising clout for the rapper’s rug pulls.
Soulja Boy unending NFT scam spree
The crypto space has fallen prey to Soulja Boy’s schemes of defrauding collectors and enthusiasts for a long time. In recent weeks the rapper deployed well-oiled machinery of influencers to pour praise on his novel NFT collections, hoping to create clout and attract more sales.
According to research conducted by crypto sleuth, ZachXBT, most of the promotions sponsored by Soulja Boy have turned out to be scams. ZachXBT observed 73 promotions and 16 NFT projects, many of which were scams, including RapDoge, Orion, The Life Token, SaferMars, Flokinomics, ParrotsDAO, etc.
Soulja Boy is a US citizen under the FTC guidelines but is accused of ignoring them. Recently Soulja Boy was sued for Tron and Safemoon.
Some heinous scams by Soulja Boy
One of the infamous scams by Soulja Boy was SaferMars, where he accidentally displayed compensation details on a promotion tweet. After the rug-pulling of the project, he erased evidence by deleting all the tweets.
The musician promoted RapDoge through a tweet in July 2021, urging his followers to participate in pumping the coin. Endorsements from Quavo and Lil Yachty also contributed to the rug pull of the project.
Orion and The Life Token projects tapped into charities on cancer and suicide prevention to pump the price. Orion project jagged, and the Twitter account was deleted within a month, while The Life Token was aborted in early 2022.
In 2023, Soulja Boy dropped seven collections in April alone. The first was 3D NFT, where he used Nike and Ferrari logos. However, OpenSea blocked the collection due to IP infringement claims. He has also used his recent NFT drops to advertise his upcoming video game by introducing exclusive unlocks and member-only benefits.
Soulja Boy’s determination to create a fortune through NFT drops seems unstoppable. His actions appear unending as he continues to harm unsuspecting fans. According to ZachXBT, the promotions have earned Soulja Boy more than $730,000 as he solders on irrespective of legal actions.