Bobos & Wojaks

Get rich or die tryin

Lil Yachty And Soulja Boy Are Being Sued For A Crypto Pump And Dump Scheme

lilyatchy-pump&dump-crypto

A class-action complaint accuses rappers Lil Yachty, Soulja Boy, and Jake Paul of participating in a pump-and-dump operation.

A 60-page complaint concerning the SafeMoon token names the rappers among the defendants. According to the lawsuit, SafeMoon creator and CEO Braden John Karony hired celebrities to promote the token, boosting its value artificially.

Karony and other top executives held enormous sums of the token that they never revealed to the general people. The token’s value increased by 875 percent in 2021 as a result of celebrity endorsements.

As the value of the SafeMoon token began to plummet that year, several executives quit the organization. The coin had lost 80% of its value by December 31st, 2021, and the firm had failed to execute on a number of projects, including a hyped-up crypto wallet.

According to the lawsuit, management pulled a “slow rug pull” on investors, causing them to lose a lot of money. Lil Yachty, Soulja Boy, and Jake Paul aren’t the first rappers to be named in cryptocurrency-related cases.

crypto-pump&dump-cryptocurrency

T.I. was sued but found not guilty in a similar case regarding the advertising of the FliK Token. The SEC received a $75,000 settlement from the Atlanta rapper. A dispute surrounding the so-called Paragon currency ended in a loss for rapper Game.

Jessica VerSteeg, a former beauty queen and reality TV programme “star,” and her husband, Russian entrepreneur Egor Lavrov, launched Paragon. The two have subsequently vanished.
A judge ordered Game to pay $12 million in damages for advertising the company’s PRG Coin in July of 2021.