Soulja Boy and Lil Yachty have been named in a huge class-action lawsuit concerning a cryptocurrency scheme.
As per ClassAction.org, the rappers are among the many names featured in a 60-age class-action lawsuit about a scheme for the crypto SafeMoon.
The “pump and dump” scheme was allegedly the work of the crypto’s founder Braden John Karony. He found celebrities such as Big Draco to publicly promote the token as a way to artificially inflate its value throughout last year in order to maximise profits.
By the end of last year, though, several executives had jumped ship after SafeMoon lost approximately 80% of its value when the celebrity backing tailed off.
According to the class-action lawsuit (which represents anyone who purchases SafeMoon tokens between March 8th 2021 and the present day), the “slow rug pull” strategy purposefully mislead investors, ultimately leaving them to deal with the financial mess. Karony’s company also reportedly didn’t deliver on their promises to expand the brand with promises of a crypto wallet and more.
Soulja Boy and Lil Yachty aren’t the only big names mentioned in the lawsuit: YouTuber-turned-celebrity boxer Jake Paul and Backstreet Boys member Nick Carter also got involved with SafeMoon.
It’s not the only crypto Soulja Boy has promoted either. Last year, he tweeted his support of SaferMars, unintentionally including details of how much the project would pay him for the promotion.
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In a tweet, he claimed to have found an interesting project that “looks moon worthy” and included a link to the project’s pre-sale landing page. He followed that by disclosing that he stood to earn $24,000 if the project successfully raised $240,000.
He quickly deleted that portion of the tweet and replaced it with one excluding the details of his pay-out. His mistake, however, didn’t go unnoticed by market participants on Twitter who commented on his updated tweet with screenshots of the old one.
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Nice a class action lawsuit was filed against Jake Paul, Soulja Boy, Lil Yachty, & others for deceptively promoting SafeMoon.
Am curious if we will see that with other celeb/influencer meme coin scams (like YUMMY).https://t.co/SJJMLEjYv8 pic.twitter.com/vbfQiVo4tG
— ZachXBT (@zachxbt) February 21, 2022
