ZachXBT, a cryptocurrency enthusiast, has accused popular American rapper Soulja Boy of promoting fraudulent NFT projects.
The rapper allegedly ran 73 promotions and 16 NFT giveaways on Twitter, featuring tokens such as RapDoge, Orion, The Life Token, SaferMars, Flokinomics, and ParrotsDAO.
However, many of these projects were reportedly fraudulent, according to ZachXBT.
Despite being a US resident and promoting collectible tokens among local residents, Soulja Boy allegedly ignores recommendations from the US Federal Trade Commission (FTC).
ZachXBT highlighted the recent SEC lawsuit against Tron founder Justin Sun for promoting TRX, which also involved Soulja Boy.
ZachXBT further criticized Soulja Boy for promoting new NFT projects and called him one of the most unscrupulous promoters in the crypto space.
In 2021, the rapper allegedly tweeted a call to “pump up” RapDoge tokens to $0.000001, and later promoted other tokens and projects that eventually failed, only to delete tweets about them.
ZachXBT also claimed that Soulja Boy attempted to create nine NFT collections of his own in 2021, but their websites are now down.
In April 2023, Soulja Boy released seven collectible tokens, including some featuring the Ferrari and Nike logos, but they were quickly blocked from the OpenSea site for violating intellectual property rights.
According to ZachXBT, the rapper continued to create new NFTs while ignoring buyers of previous collections.
ZachXBT pointed out that about 45% of investors are willing to buy crypto assets advertised by famous personalities, according to Morning Consult.
However, advocacy group Truth in Advertising criticized 19 celebrities last year for promoting NFTs, as their actions put investors at risk.