Soulja Boy and Lil Yachty are in a class-action lawsuit over the crypto SafeMoon Tokens. They were a part of a “pump and dump” scheme allegedly executed by SafeMoon founder Braden John Karony.
According to the lawsuit, Karony’s scheme mimicked a Ponzi scheme by misleading investors to purchase SafeMoon tokens under the pretext of unrealistic profits. They did this through celebrity endorsements, such as Soulja Boy and Lil Yachty. The pyramid also created artificial inflation to maximize profits.
Soulja Boy doing something like this should be no surprise. He is always doing shady things to try to make a quick buck. This should not surprise anyone. This is not even the first time that Soulja Boy has done this exact thing. In 2021, he accidentally revealed how much he got paid to promote a cryptocurrency.
Lil Yachty, however, is a bit more of a shock. The shock is also not from the artist committing a crime. Yachty previously committed banking-related crimes. They were either credit card fraud or bounced checks. However, this is the first time he has committed a crime with cryptocurrencies. He first started getting into crypto in 2020 and realized the power of his influence. The social token he was selling, $Yachty, had sold out in only 20 minutes.
The case has only just begun. It is currently unknown what the punishment is going to be. The two rappers could evade punishment by placing the blame squarely on Karony. It is still too early to tell where the case will go. We will keep you updated as the case evolves.
Written by Justin Acosta
Twitter: @hahalacka
