‘Soldier’s Son’ token issued warning from blockchain investigator
Blockchain researcher ZachXBT has urged traders to be cautious as a new celebrity-backed memecoin, rapper Soulja Boy, is gaining attention on social media.
Jesse Pollack, founder of Coinbase's Base Network, drew new scrutiny over the weekend after he publicly shared what he described as a receipt showing a $1,500 purchase of Ether (ETH) in a post on X.
Fake blockchain investigator ZachXBT cited a research thread from April 2023 as to why Souljaboy gave him a platform to scam new people, listing six rapper-backed tokens — all of which were either pulled the rug or abandoned shortly after approval.
In crypto slang, a carpet pull is a scam where developers abandon the project and withdraw the capital invested by tokenholders, often within days of the token's launch.
ZachXBT's thread mentions tokens including RapDoge, Orion, The Life Token, Flokinomics, and SafeMars, which appears in a promotional post detailing the compensation details of a rap leftist that Soulja's son described as a “sinister shill.”
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Rapper created at least nine non-fungible token (NFT) sets in 2021, most of which were canceled, removed from OpenSea, or failed to fully provide the “utility” they entered, according to the blockchain investigator.
ZachXBT estimated that Soulja Boy earned a total of $730,000 from ads during the 2021 bull market cycle, with the rapper charging $12,000 per Instagram and $10,000 per X ad, according to a price list shared by the investigator.
The new SOULJABOY token failed to gain much traction. Since its launch on Friday, the token has accumulated a market capitalization of $85,000 and has received investment from 331 total owners, according to data from the Base app.
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Soulja Boy apologized for the “paid promotions” he said were “years ago”.
The rapper took to X to defend himself, saying that he “learned a lot since then” and that he takes full responsibility for his lack of due diligence.
“I didn't know that a scammer called Sahil was involved or that he was paying me to promote any scam.
“Back then I was doing paid promotions without understanding the crypto/NFT space like I do now,” the rapper added.
In the year In February 2022, Soulja Boy and a handful of other A-list celebrities were named in a class-action lawsuit alleging they participated in a pump-and-dump scheme related to SafeMoon tokens.
According to the lawsuit, SafeMoon and its affiliates misled investors into buying SafeMoon tokens by imitating real-life Ponzi schemes under the pretense of unrealistic profits.
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