Pop singer Jason Derulo has found himself in hot water after promoting a meme coin that rapidly lost its value, igniting discussions about the role of celebrities in high-risk financial endorsements.
These incidents not only lead to monetary losses but also risk damaging the reputations of the celebrities involved and eroding trust in the cryptocurrency market.
On June 23, Derulo announced the launch of his meme coin, JASON, to his 3.5 million followers on X. Unfortunately, the coin’s value plummeted by over 72% within minutes, causing widespread disappointment among investors and fans.
In response to the backlash, Derulo accused Sahil Arora, an Indian national linked to previous cryptocurrency controversies, of misleading him.
He promised to rectify the situation, stating on X:
“Damn Sahil got me! That’s ok, that’s motivation to take this all the way! I just bought $20,000 worth. In this for my fans for the long haul, going to do everything in my power to send this sh*t to the moon.”
The American singer reiterated his commitment in an apology video, making the coin’s recovery his “life’s goal.”
Despite Derulo’s proactive approach, scepticism remains. Influential figures in the crypto community, including SlumDOGE Millionaire and on-chain detective ZachXBT, questioned his innocence.
SlumDOGE Millionaire commented, “Bro made $1 million off his rug and put $20,000 back in the chart lol. You’re not stupid or new to crypto Jason, you know exactly what was happening, don’t play dumb now.”
ZachXBT added, “You are not sorry at all you have promoted so many crypto scams over the years I have lost track.”
The latest incident is part of a broader pattern involving Arora, who has launched several other celebrity-associated meme coins.
Recently, he hinted at a collaboration with American rapper Tyga for a new meme coin. However, Tyga has not yet discussed or promoted any crypto token directly on his social media platforms, raising questions about his involvement.
Similarly, Arora has also teased a Ronaldinho Gaúcho meme coin following a cryptic post from the Brazilian footballer.
Gaúcho did not explicitly promote the meme coin.
Yet, Arora’s swift sharing of a contract address following Ronaldinho’s post has led to speculation about the footballer endorsing meme coins.
The alleged mastermind behind multiple pump and dumps has acted as a middleman for celebrities, exploiting their lack of experience with web3.
He launched and promoted the “RICH” token by hacking American rapper Rich the Kid’s X account
Arora then proceeded with other celebrity-themed coins, such as JENNER and a token presale under the guise of Australian musician Iggy Azalea.
All these tokens experienced significant price crashes shortly after launch, with Arora pocketing the profits. The celebrities involved have since distanced themselves from him.
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