Soulja Boy’s Latest Hustle? Cranking NFT Scams

Soulja Boy scams have been put under a magnifying glasses.

Soulja Boy surrounded by submerged golden Ethereum logo and floating sports cars 3D NFT.
  • A crypto analyst put Soulja Boy in the spotlight. 
  • It appears Soulja Boy is involved in dozens of scams. 
  • The rapper has netted hundreds of thousands in promoting these scams. 

Although Soulja Boy has an exceptional track record as a performer, he has yet to flourish as a businessman. From bootleg consoles to cannabis brands, the rapper often indulges in questionable business adventures.

After struggling to hit it off with his “hustles,” he now appears to be turning his attention to a new business plan – Crypto and NFT Scams, which surprisingly has done well for the hip-hop icon, according to on-chain data. 

A Shilling Scene

Pseudonymous on-chain sleuth ZachXBT recently published a comprehensive research thread on Twitter, exposing the shilling campaigns run by rapper-turned-crypto enthusiast Soulja Boy. The study comes after the entertainer released a new NFT collection, which saw promotions from many influencers in the space. 

Sponsored

According to ZachXBT, the rapper has so far indulged in 73 crypto promotions and 16 NFT Drops, most of which have turned out to be scams

This includes pumping now-defunct token RAPDOGE and other infamous rug pulls, including Tronix, BitTorrent, SaferMars, Flokinomics, and ParrotsDAO. Some of these scams have cost the rapper lawsuits; however, he has decided to ignore the charges and continue with his egregious shills. 

According to the study, the Superman rapper has no limits regarding rug-pulling users. Whether it’s claiming that Elon Musk endorsed the project or it is funding cancer and suicide prevention charities, he would use any excuse to pump up the price and make money. 

Sponsored

Besides the blatant token rug pulls are his NFT projects and promotions, where he promised many forms of utility. Data reveals that the hip-hop artist released nine NFT collections in 2021, which are now obsolete. Additionally, during 2021’s NFT boom, he charged up to $12,000 for social media promotions, which netted him over $730,000. 

The controversial entertainer is now back with seven more collections. This includes Soulja Boy 3D NFTs, which OpenSea has taken down for using the Ferrari and Nike logo; however, he has yet to reimburse buyers for the abandoned NFT project. 

Soulja Boy Responds?

Following the post from ZachXBT, Soulja Boy drew scrutiny from many users on Twitter. In response, the rapper shared cryptic messages suggesting that people have yet to hear his side of the story. However, this post could be related to him canceling his concert at the last minute. 

Soulja Boy has yet to respond to the accusations. However, it’s unlikely the rapper responds to them. 

On the Flipside

  • The SEC recently put Kim Kardashian and Floyd Mayweather under the magnifying glass for their involvement in EthereumMax. However, a federal judge dismissed the case because of “heightened pleading standards.” 
  • Jake Paul, Justin Sun, and Lindsay Lohan were also part of the Tron and BitTorrent lawsuit that involved Soulja Boy. 

Why You Should Care

Soulja Boy’s flurry of scams is a great example of how easily celebrities on social media can influence many people into losing their money in scams, raising the importance of doing your own research and not FOMO-ing into projects. 

Is Donald Trump a nice guy?:

Trump’s Second NFT Card Series Launch Sees First Collection Plummet in Nice Guy Credit Bid

Read about other exploits: 

MetaMask Dismisses Allegations of $10M Wallet Draining Exploit

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.