American rapper and music producer Soulja Boy, known for his catchy hits, is facing renewed scrutiny regarding his past endorsements of cryptocurrencies and NFTs. Recently, he attempted to clarify his position in a tweet, expressing that he was unaware of the involvement of controversial promoter Sahil Arora in any fraudulent activities tied to the meme coins he promoted.
Soulja Boy”s statement included an apology directed at those who invested in the projects he once endorsed, acknowledging that he did not fully grasp the complexities of the cryptocurrency and NFT landscape at the time. He claimed to have learned from his previous mistakes and took some responsibility for not conducting thorough research on the tokens he was promoting.
However, this apology has not successfully swayed public sentiment. The on-chain analytics platform Bubblemaps dismissed his claims, presenting a sarcastic timeline of his promotional activities. They detailed a pattern indicating that Soulja Boy has repeatedly engaged in promoting scam tokens, earning quick profits before those tokens inevitably plummeted in value.
Bubblemaps pointed out that after being called out for his behavior, Soulja Boy blocked their account on X and attempted to distance himself from his past actions while still blaming Arora for his missteps. The analytics platform highlighted that he has cycled through various promotional schemes, disappearing for periods only to reemerge with new meme coins, which have also led to substantial losses for investors.
The controversy surrounding Soulja Boy”s promotional history is rooted in earlier investigative work by crypto analyst ZachXBT, who revealed that the rapper was linked to numerous crypto promotions and NFT projects that turned out to be scams. This involvement reportedly netted him over $730,000, raising serious questions about his ethical responsibilities as a public figure.
Critics within the crypto community argue that regardless of whether Soulja Boy was aware of the fraudulent nature of these projects, his consistent promotion of high-risk ventures undermines trust in the entire cryptocurrency ecosystem. Back in 2022, he, along with several other celebrities, faced a lawsuit regarding their roles in promoting the now-infamous SafeMoon cryptocurrency, accused of misleading investors through dubious promotional tactics.
As the conversation around accountability in crypto promotions continues, Soulja Boy”s latest attempts to distance himself from his past may not suffice in regaining the trust of the community.
