Jake Paul, Nick Carter, Soulja Boy, Lil Yachty, all sued over crypto 'pump and dump' scheme
Jake Paul, an American social media personality and professional boxer, Nick Carter, an American musician, singer, and actor, and rappers Lil Yatchy and Soulja Boy, have all been sued over a 'crypto pump and dump scheme. This is not the first time a known celebrity or influencer has been sued for crypto-based rug pulls.
The lawsuit
The defendants in the 60-page lawsuit include Jake Paul, Nick Carter, Soulja Boy, Lil Yachty and YouTuber Ben Phillips and the cryptocurrency in the lawsuit involves SafeMoon. The lawsuit noted that the CEO of SafeMoon, Braden John Karony was responsible for hiring and pumping and dumping the SafeMoon crypto.As per the report, the crypto rose by a humongous amount after these influencers pumped the coin via their social media handles and thereafter, "SafeMoon LLC and its subsidiaries, SafeMoon founder and CEO Braden John Karony, and other top SafeMoon execs" collaborated with these celebrities causing the prices to drop by humongous amount.
"On December 31, 2021, the price of the SafeMoon Token hit a low of $0.0000006521 per token, an over 80% drop from its height during the Class Period, which it has not been able to recover," the lawsuit reads. "As of the filing of this Complaint, the trading volume for the SAFEMOON Token has plummeted to around only $60,000."
Crypto rug pull and scams on a rise
Recently, we saw 10.8m worth of crypto stolen through backdoor function via DeFi protocol Compounder.Finance. Furthermore, scams have also been on the rise as Bitcoin.org site fell victim to a hack in which the contents of the site were replaced with a scam notice asking for free BTC.100% Success Money Back Guarantee
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