Michaela
Jesse Pollak, co-founder of Coinbase’s Base network, has faced criticism after the crypto community and on-chain investigator ZachXBT questioned his public post showing a $1,500 Ethereum investment linked to the new Soulja Boy token.
Key Points
- Jesse Pollak faced backlash for publicly sharing a $1,500 Ethereum investment linked to Soulja Boy’s token.
- ZachXBT’s research revealed multiple failed or abandoned crypto projects promoted by the rapper, including NFTs and tokens.
- Soulja Boy acknowledged past mistakes, apologized to investors, and said he has since improved his understanding of the crypto space.
“Why give SouljaBoy the platform to scam new people?” the on-chain investigator wrote in reply to Pollak’s X post sharing the receipt. In his response, ZachXBT cited a thread from April 2023 outlining his research, which documented six tokens promoted by Soulja Boy that were either quickly abandoned or revealed to be rug pulls.
ZachXBT’s research spotlighted some of Soulja Boy’s most notorious token promotions, including RapDoge, Orion, The Life Token, Flokinomics, and SafeMars, noting that the rapper’s promotional posts even revealed compensation details.
Additionally, the on-chain sleuth reported that Soulja Boy launched at least nine non-fungible token (NFT) collections in 2021, many of which were later removed from OpenSea, deleted, or failed to deliver the promised “utility.” According to ZachXBT, the rapper earned an estimated $730,000 from these promotions during the 2021 bull market, charging $12,000 per Instagram post and $10,000 per X promotion based on a leaked price list.
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Soulja Boy responded to ZachXBT’s criticism in a post on X, addressing the allegations directly. “I want to be clear and transparent. I had no knowledge that a scammer named Sahil was involved or paying me to promote anything fraudulent,” Soulja Boy wrote. “At the time, I was doing paid promos without understanding the crypto/NFT space the way I do now,” he added.
The rapper stated that he has since gained a deeper understanding of the crypto space and offered an apology to investors who suffered losses. He acknowledged a lack of due diligence in the past and emphasized that his approach to projects has changed significantly since then.
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In a response to an X user, Soulja Boy explained that the previous crypto projects associated with scams were paid promotions conducted at various times and often managed by third parties over which he had no oversight or control.
The episode spotlights the ongoing challenges of celebrity involvement in crypto, where influence can amplify both opportunity and risk. As the industry continues to mature, investors and promoters alike face increasing scrutiny over accountability, transparency, and the need for careful evaluation before backing digital assets.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
