Soulja Boy, an American rapper and cryptocurrency enthusiast, had recently gotten into a controversy concerning promotion of NFT projects as well as cryptocoins. Internet sleuth ZachXBT found out that Soulja has made 73 tweets in promotion of various cryptocurrencies and NFTs since March 2021. According to the US Securities and Exchange Commission (SEC), they have charged him, alongside other celebrities such as Lindsay Lohan, Jake Paul, Akon and Ne-Yo, with promoting Tronix (TRX) and BitTorrent (BTT) tokens without disclosure of any type of compensation. In addition to that, Soulja Boy also talked of a now-defunct token, RAPDOGE, in 2021.

Unfortunately, not every crypto project that Soulja Boy endorsed was legit. ZachXBT was able to conclude that Soulja had been promoting a rug pull scam, SaferMars, as well as other crypto projects which after a while turned out to be scams. The internet sleuth also estimated Soulja to have garnered about $730,000 from his promotions which were directed towards millions of people across all of his social media channels.

In recent years, many celebrities have faced heavy scrutiny in regards to promotions of NFTs and other crypto tokens without proper disclosure. Floyd Mayweather and DJ Khaled, in 2018, had reached settlements with the SEC for Centra ICO promotion without properly introducing that they had been paid to do so. After that, Rapper T.I. had reached a settlement with the SEC for selling fake crypto investments. Celebrities such as Kim Kardashian have also faced lawsuits due to their promotion of a notorious cryptocurrency coin EthereumMax. All of these scenarios have proven that there is a definite lack of responsibility when it comes to promoting crypto without proper disclosure.



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