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Jake Paul, Soulja Boy, Lil Yachty Caught Up in Lawsuit Over Pump & Dump Crypto-Scheme

today22 February 2022

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(source: HipHopDX)

With cryptocurrency becoming extremely popular over the last few years, there has been a large uptick in brand new projects. Of course, the crypto space is not regulated, which makes it the Wild West as tech entrepreneurs look to make a quick buck off of impossible promises.

According to Complex, American rappers Lil Yachty, Soulja Boy, and even the infamous Jake Paul are caught up in a class-action lawsuit claiming they were involved in a pump and dump cryptocurrency scheme.

The rappers are among the defendants named in a 60-page complaint over the SafeMoon token.

The lawsuit claims that SafeMoon founder and CEO Braden John Karony recruited celebrities to promote the token, artificially inflating its value.

(source: Malay Mail)

It was then learned that allegedly Karony and other key executives controlled vast amounts of the token, which they never disclosed to the public. Thanks to the celebrity…

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Written by: Karissa Lund