Rapper Soulja Boy has apologized for selling dozens of cryptocurrency and non-fungible token initiatives that had been reported as fraudulent by blockchain researcher ZachXBT in 2023.
The “Crank It” artist's social media exercise from 2021 to 2023 consists of a number of posts selling crypto tokens and NFT collections to his thousands and thousands of followers. ZachXBT claims that many of those promotions concerned initiatives that both collapsed, had been deserted, or had been utterly fraudulent inside days of his message.
Soulja Boy, whose actual identify is DeAndre Cortez Method, addressed the allegations in an announcement posted to X early Monday morning. He mentioned he was not conscious of the undertaking's fraud on the time and acknowledged previous errors in judgment.
“I need to be clear and clear. I had no thought {that a} scammer named Sahil was concerned or that he was paying me to advertise one thing fraudulent. Again then, I used to be doing paid promotions with out understanding the crypto/NFT area like I do now. This was a few years in the past and I’ve realized rather a lot since then,” the rapper-turned-cryptocurrency investor claimed.
I need to be clear.
I had no thought {that a} scammer named Sahil was concerned or that he was paying me to advertise his rip-off. On the time, I used to be doing paid promotions with out understanding the cryptocurrency/NFT area as a lot as I do now.This was a few years in the past and I… https://t.co/y4g2Qno6LS
— Soulja Boy (Draco) (@souljaboy) December 14, 2025
He went on to apologize to his followers, saying it was “actually sorry and was by no means his intention” to advertise a rug-pulling undertaking. “I take accountability for not doing deeper due diligence on the time. I’ve acted utterly in a different way since then. Development is studying from errors,” Soulja Boy concluded.
ZachXBT lists 5 rip-off initiatives promoted by Soulja Boy
In keeping with ZachXBT's X thread from April 2023, Soulja Boy has promoted cryptocurrencies and NFT drops a minimum of 73 instances since March 2021. Investigators mentioned 16 of the NFT collections the rapper praised later become scams or failed ventures, Cryptopolitan mentioned. reported.
One of many examples cited was a token generally known as RAPDOGE, which Soulja Boy talked about a number of instances in mid-2021. “On July 19, 2021, Soulja Boy tweeted: 'Pump up $RAPDOGE to $.000001 and get all your folks in on this, you lilyachty with me.' Within the hours that adopted, the rug was pulled from the undertaking after additionally receiving sills from Lil Yachty and Quavo,” investigators wrote.
RAPDOGE tokens subsequently disappeared and buyers suffered losses as liquidity was withdrawn shortly after the promotion was promoted.
ZachXBT additionally spoke about Soulja Boy's battle with the U.S. Securities and Change Fee (SEC). The SEC accused him and several other different celebrities of illegally selling tronix (TRX) and BitTorrent (BTT).
The SEC argued that the promotion did not disclose that the rapper was paid for endorsing Token, together with actor Lindsay Lohan, WWE athlete and influencer Jake Paul, and artists Akon and Ne-Yo.
Two initiatives generally known as Orion and The Life Token had been additionally a part of Soulja Boy's cake, which he allegedly used for charity.
“Orion and LifeToken, these two initiatives used most cancers and suicide prevention charities as a solution to drive up costs. Inside a month of Orion's Hill, it was hardened and Twitter was deleted. LifeToken was deserted in early 2022,” ZachXBT speculated.
Soulja Boy promoted one other undertaking referred to as Flokinomics, which fraudulently claimed to be associated to Elon Musk and paid for media promotion to make it seem genuine, however its liquidity was finally taken away. ZachXBT estimates that the “Superman” rapper earned greater than $730,000 from selling cryptocurrencies and NFTs in the course of the interval lined.
Celeb acquitted of 2-year Cryptozoo lawsuit
A number of well-known names had been talked about final 12 months together with failed crypto initiatives, however maybe essentially the most talked about was Logan Paul's Cryptozoo craze. The WWE famous person and on-line character has concluded the chapter on the defunct NFT undertaking's authorized dispute after a U.S. district decide upheld the dismissal of a class-action lawsuit that accused him of deceptive buyers.
The lawsuit, filed in 2023, alleges that Paul and his associates promoted an NFT-based sport that promised revenue by means of the breeding and buying and selling of digital animals. The undertaking by no means totally took off, resulting in claims that buyers had been defrauded and that the hassle was a “rug rug pulled out.”
