Some A-list media celebrities and social media influencers, including the likes of Soulja Boy, Jake Paul, have been linked with the classic pump-and-dump scheme related to the SafeMoon tokens. A class-action lawsuit has been demanded in a jury trial against the list of famous personnel who are related to this pump-and-dump scheme. These celebrities have allegedly lured crypto investors with wrong and inaccurate information and promotions of the SafeMoon tokens.
SafeMoon is a native cryptocurrency of the Binance ecosystem, and the team behind SafeMoon has allegedly recruited multiple celebrities to persuade the investors and attempted misleading promotions. There are a lot of prominent celebrities that have involved themselves in this cryptocurrency scheme, such as Lil Yachty, Nick Carter, Soulja Boy, Ben Phillips, Jake Paul and more.
As the lawsuit states, SafeMoon and the subsidiaries of SafeMoon have imitated the real-life Ponzi Scheme where they have promised unrealistic profits to the investors, encouraging them to buy the maximum amount of SafeMoon tokens possible. Furthermore, they have cited the terms like “tokenomics” and “burn” enabled by the SafeMoon team and ecosystem, which will potentially increase the price of the tokens (according to the celebrities) and recruit the followers of the celebrities to invest in the token itself.
The lawsuit also gives us instances where it has been shown that due to the artificial hype created by the celebrities, the SafeMoon token was successful in increasing both the price and its volume (the whole process was purely artificial).
The lawsuit has been drafted by Christopher Polite, Bill Merewhuader and Tim Viane, and it aims to compensate as well as represent each and every one individual or entity who have bought the SafeMoon token from 8 March 2021 and became the victim of this virtual Ponzi scheme or rug pull.
Crypto commercials and advertisements have been the biggest of SuperBowl 2022. But during the SuperBowl, the crypto exchange platform Binance had also initiated a marketing campaign where they were warning the investors against the artificial crypto hype created by a number of celebrities. International celebrities such as J Balvin was one of the artists who were part of the Binance Marketing campaign. With this campaign, Binance wanted to rope in more users as well as raise awareness against these shady crypto schemes.