Base Co-founder Criticized for Backing Soulja Boy Token As Fraud Claims Resurface

Headline: Base co‑founder Jesse Pollak criticized after posting about a Soulja Boy token as fraud claims around rapper’s crypto promos resurface Base co‑founder Jesse Pollak drew pushback from the crypto community after sharing that he placed roughly $1,500 worth of ETH into a newly launched Soulja Boy token — a move that reignited scrutiny of the rapper’s prior crypto and NFT promotions. Why this matters - Pollak is a high‑profile executive at Base, Coinbase’s Layer‑2 network; his public endorsement of a celebrity token prompted questions about judgment and signaling from a key industry figure. - The controversy centers not on Pollak alone but on broader concerns about celebrity endorsements in crypto, where promotional reach can amplify risk for retail investors. What revived the scrutiny On‑chain investigator ZachXBT resurfaced research originally posted in April 2023 documenting multiple tokens and NFT collections tied to Soulja Boy that were abandoned or flagged as rug pulls. In a public thread, ZachXBT named several token promotions connected to the rapper, including RapDoge, Orion, The Life Token, Flokinomics and SafeMars, and said promotional posts disclosed that Soulja Boy was paid for them. NFT activity and alleged earnings ZachXBT also reported that Soulja Boy launched at least nine NFT collections in 2021. Many of those projects were later removed from OpenSea, deleted, or failed to deliver promised utility. Citing a leaked price list that reportedly showed $12,000 per Instagram post and $10,000 per X (Twitter) promotion, ZachXBT estimated Soulja Boy may have earned around $730,000 from such paid crypto promotions during the 2021 bull market. Soulja Boy’s response The rapper addressed the allegations on X, saying he didn’t know a person named Sahil was involved or paying him to promote anything fraudulent. He added that at the time he was doing paid promotions “without understanding the crypto/NFT space the way I do now,” apologized to investors who lost money, and said he now performs more due diligence. He also stated that some past promotions were handled by third parties over which he had no oversight. Industry implications The episode underscores persistent risks around celebrity crypto endorsements — including transparency around compensation, oversight of third‑party managers, and the potential for reputational fallout when projects fail. It also raises questions about how executives and public figures should approach engaging with high‑risk, speculative token launches. Bottom line: A modest personal bet from a prominent Base co‑founder has reignited a larger debate about accountability and due diligence in celebrity crypto promotions, and about how the industry should police promotional practices to protect investors. Read more AI-generated news on: undefined/news