Popular crypto influencer Jaypeg has been accused of promotional fraud
The team behind the Uptober memecoin has accused popular crypto influencer Jaipeg of orchestrating a promotional scam in which he received tokens to promote the project, sold them for profit and never received the money.
Members of the Uptober team and the Telegram team said they have reached an agreement with Jaypeg to promote 2% of Uptober's offering in exchange for memecoin, valued at approximately $2,200.
The influencer accepted the deal in a Telegram thread and received the money, but immediately deleted the acceptance addresses posted to the group – stating that the address was random and not his.
Source: Jpeg
The team contacted onchain sleuth ZackXBT, who provided a number of pieces of evidence contradicting Jpeg's claims, to investigate. An onchain investigator found that the receiving address for nearly $2,200 in Uptober tokens was from “8jpz1p,” the same address from the Solana Saga smartphone on January 10, 2024, hours after jpeg posted an unboxing video of the Solana Saga. And he mentioned air drops.
Jpeg claims the wallet address posted in the Telegram group was a “random address,” prompting the influencer to delete messages containing the address from the Telegram group.
The memecoin influencer also claimed that the Uptober group was trying to defame him and publicly apologized and donated the money to charity.
The wallet address is believed to belong to Jpeg. Source: Solscan
Related: ZachXBT Unveils Murad Mahmudov's 24mm Coin Wallet
Memecoins are taking the crypto markets by storm
Memecoins is one of the best performing digital assets in the current cycle. Analyst and influencer Murad Mahmudov believes that the markets are currently at the beginning of the memecoin supercycle and predicts that the memecoins market will peak at the end of 2025.
This memecoin speculation is believed to be responsible for the recent Solana (SOL) price rally. According to Step Finance, a staggering 633,357 new tokens have been created on the Solana network since September 19th.
Google search analysis confirms current investor interest in memecoins. In the year During the week of October 12, memecoins search volume rose to an all-time high in 2023, while search demand for the term Bitcoin (BTC) fell to a 1-year low.
Magazine: Memecoins: Betraying Crypto Ideas… Or Its True Purpose?
