Key Takeaways

• Blockchain investigator ZachXBT warned the community about a new Soulja Boy memecoin on the Base network, citing a history of six previous token and nine NFT promotions that were allegedly rug pulls or abandoned.

• The controversy intensified after Jesse Pollak, co-founder of the Coinbase-backed Base network, publicly shared a purchase receipt for $1,500 of the token, drawing criticism for potentially lending legitimacy to the project.

• The rapper defended himself on X, apologizing for past “paid promos” and claiming he had “no knowledge” of a scammer’s involvement, taking responsibility for his “lack of due diligence” at the time.

Base Co-founder’s Purchase Draws Scrutiny to Soulja Boy’s Token

A memecoin tied to rapper Soulja Boy (SOULJABOY) just dropped on the Coinbase-backed Base network, and it immediately blew up into a major controversy, prompting a massive public warning from the crypto world’s top scam-buster. The drama started when Jesse Pollak, a co-founder of the Base network, posted on X, bragging that he’d tossed $1,500 in Ether (ETH) into the new token.

This high-profile stamp of approval from a key Base figure instantly enraged ZachXBT, the legendary blockchain detective. ZachXBT didn’t pull any punches, challenging Pollak: “Why give SouljaBoy the platform to scam new people?”

The investigator then reposted a research thread from 2023 that meticulously tracked the rapper’s long history of shilling failed and allegedly fraudulent projects.

Those previous findings detailed six tokens—like RapDoge, Flokinomics, and SafeMars—that ZachXBT claims were either rug pulls or abandoned right after Soulja Boy’s endorsement, netting the rapper an estimated $730,000 during the 2021 bull run.

Soulja Boy Responds to Historical Allegations of Rug Pulls

Facing renewed public criticism, Soulja Boy jumped on X to defend himself. While admitting he took part in those past crypto promotions, he quickly tried to minimize the damage, claiming he’d “learned a lot since then” and accepted responsibility for his “lack of due diligence.”

But here’s the key claim: “I had no knowledge that a scammer named Sahil was involved or paying me to promote anything fraudulent.” His main excuse is that he was just doing paid promotions and simply didn’t understand the crypto or NFT space.

This is a tough sell, though, given he was already named in a class-action lawsuit back in February 2022 related to the SafeMoon token, which was alleged to be a massive Ponzi scheme. Despite the fanfare and controversy, his latest venture, the $SOULJABOY token, is barely moving the needle, pulling in a market cap of only $85,000 and attracting just 331 total holders since it launched.

Risks of Celebrity Crypto Endorsements

The whole thing is a wake-up call about the danger of tokens hyped by celebrities. Let’s be clear: a “rug pull” is when the creators suddenly run off with all the money, leaving everyone else holding worthless tokens. Celebrities basically act as magnets for unsuspecting new investors, even if they claim they didn’t know the scammer’s intentions.

Plus, ZachXBT’s past reporting revealed that the rapper launched at least nine NFT collections back in 2021, and most of those either vanished or never delivered on their promises, showing a history of disappointing crypto ventures. This is exactly why immediate warnings from community heroes like ZachXBT are absolutely vital for protecting new users joining the Base network.

Final Thoughts

The involvement of a Base co-founder in purchasing Soulja Boy’s latest token reignited a necessary discussion about the risks of celebrity endorsements and past promotional history. While the rapper claims remorse and greater diligence, the history of previous failures remains a critical cautionary tale for any retail investor considering an investment in celebrity-linked memecoins.

Frequently Asked Questions

What is a “rug pull” in crypto?
It is a scam where developers abandon a project and secretly withdraw all the capital invested by token holders.

How many crypto projects did Soulja Boy previously promote?
Blockchain research cited six tokens and at least nine NFT collections promoted by the rapper in the 2021 cycle.

Why did ZachXBT criticize the Base co-founder?
ZachXBT claimed the public purchase lent undeserved legitimacy to a token launched by a celebrity with a documented history of promoting alleged scams.