Soulja Boy Meme Token on Base Triggers Backlash Over Past Crypto Scams

Base Co-Founder Jesse Pollak Backed Soulja Boy Meme Token, Upset Users

Highlights

• Base co-founder Jesse Pollak supported rapper Soulja Boy Meme Token , which immediately backfired.

• Evidence that Soulja Boy is affiliated with dozens of crypto scams and rug pulls resurfaced as a blockchain investigator, ZachXBT.

• The incident rekindled celebrity crypto promotions and mainstream adoption responsibility.

What's the News?

Base co-founder Jesse Pollak just signed a meme token by rapper Soulja Boy on the Base blockchain, which was met with scathing criticism by the community. The endorsement was soon viral and was not received well because of the controversial crypto history of Soulja Boy.

Blockchain investigator ZachXBT wondered why a platform that is supposed to be mass-adopted would advertise someone who has been associated with meme token scam over and over again. His previous research indicated that Soulja Boy marketed 73 crypto tokens and released 16 NFT initiatives, most of which were rug pulls.

The scandal has brought up once again the issue of celebrity-based cryptocurrency projects, due diligence, and the risks associated with retail investors when high-profile endorsements take precedence over transparency and accountability.

Source: Wu Blockchain X

Why is the Crypto Community Upset With Base Co-founder?

• The drama of Jesse Pollak can be attributed to the fact that many have viewed his actions as poor judgment and failure to do due diligence. 

• Base presents itself as a serious Layer-2 network that aims to onboard new users safely. 

• Critics suggest that Pollak was going against that mission by promoting a meme token, which is associated with Soulja Boy.

• ZachXBT was quite vocal about the decision, inquiring why a person with the history of Soulja Boy was supposed to have an opportunity to put new users at risk. 

• The endorsement was dubbed hypocritical by many members of the community, who noted that tokens endorsed by celebrities have been known to make the organization lose instead of becoming innovative.

• Although there are those defenders who say that the involvement of celebrities can enhance adoption and experimentation, the overwhelming feeling is that previous behavior counts. 

• Here, the community feels that Base did not secure its image and its users by giving a boost to a known repeat offender in the cryptocurrency sphere.

Long History of Soulja Boy Peddling Crypto Scam Projects.

The Rapper has a history of dubious crypto promotions. ZachXBT discovered in an investigation in 2023 that the rapper has advertised 73 cryptocurrency projects and launched 16 collections of NFTs, many of which have failed soon after their release.

Some examples are RapDoge, SaferMars, Orion, and ParrotsDAO, which were all rug-pulled or abandoned. Some pretended to be charitable, and others unknowingly showed the payment information for promotions.

In 2023, the rapper was also accused by the SEC of unreported Tron promotions and settled without a guilty verdict, but proceeded to issue new tokens after that.

Source: ZachXBT X

Expert Perspective

Industry analysts note that blockchain leaders carry responsibility beyond innovation. Endorsements linked to controversial figures can weaken trust and slow mainstream adoption, particularly among first-time users.

Conclusion

The scandalous incident underscores an old term: "hype without responsibility is a killer of trust", and platforms that encourage the masses to adopt cryptocurrencies should prioritize credibility over celebrity endorsement.

Disclaimer: This is not financial advice. Please DYOR before investing. CoinGabbar is not responsible for any financial losses. Crypto assets are highly volatile, and you can lose your entire investment.