Public Apology from Soulja Boy
In a notable turn of events, rapper Soulja Boy, whose real name is DeAndre Cortez Way, has issued a public apology following revelations from blockchain investigator ZachXBT about his involvement in endorsing various cryptocurrency and NFT projects that later turned out to be fraudulent. This spotlight on Soulja Boy stems from an investigation that uncovered his promotion of at least 73 different crypto tokens and NFT collections between March 2021 and 2023, with 16 of these being identified as scams or projects that quickly faltered post-endorsement.
Response to Allegations
Soulja Boy took to social media platform X this past Monday morning to respond to the allegations, expressing regret about his past actions. He claimed he lacked awareness regarding the deceptive nature of the projects he had promoted, admitting,
“At the time, I was doing paid promos without understanding the crypto/NFT space the way I do now.”
The rapper pointed out that his promotional activities date back several years and that he has since acquired a deeper understanding of cryptocurrency dynamics.
Highlighted Cases of Fraud
Among the most notable cases highlighted by ZachXBT is the RAPDOGE token, which Soulja Boy heavily promoted in a tweet on July 19, 2021. He urged his followers to boost the token’s market price and tagged high-profile personalities like Lil Yachty and Quavo in his post. Unfortunately, shortly after these endorsements, the RAPDOGE project executed a rug pull, draining liquidity and leaving investors with worthless tokens.
Additionally, ZachXBT scrutinized two other projects, Orion and The Life Token, which were alleged to have manipulated charitable causes related to cancer and suicide prevention to artificially raise their token values. Following Soulja Boy’s promotions, the Orion team deleted their Twitter account within a month, while The Life Token ceased operations in early 2022.
Another problematic venture cited was Flokinomics, which falsely claimed ties to Elon Musk. After mounting a promotional campaign, the project also pulled its liquidity, leaving investors at a loss. According to estimates by ZachXBT, during the period of investigation, Soulja Boy netted over $730,000 from his engagements in the crypto and NFT promotional landscape.
Regulatory Concerns
This incident is not isolated; the U.S. Securities and Exchange Commission (SEC) has previously taken action against Soulja Boy, along with a group of other celebrities. The SEC’s complaint focused on the unauthorized promotion of Tronix (TRX) and BitTorrent (BTT) tokens, primarily concerning issues around failing to disclose payments received for endorsements. Notable figures named alongside Soulja Boy included actress Lindsay Lohan, WWE star Jake Paul, and musicians Akon and Ne-Yo, highlighting a broader concern over celebrity endorsements in high-risk financial sectors.
