Soulja Boy & Lil Yachty sued over alleged "Pump & Dump" cryptocurrency scheme

Feb 22, 2022

Soulja Boy, Lil Yachty & more named in cryptocurrency class-action lawsuit

Soulja Boy, Lil Yachty, and Jake Paul are in a class-action lawsuit over an alleged “pump and dump” 

It is a scheme meant to benefit SafeMoon founder and CEO Braden John Karony and other top-level executives, per ClassAction.org.

“pump and dump”

Their endorsements increased the value of tokens while misleading statements shared with investors. However, the suit alleges that this entire approach served as a “slow rug pull” ploy.

As the celebrities attached to SafeMoon were driving up its investor numbers, the company was notifying them of “token burns,”

SafeMoon allegedly informed investors less than a month into its inception that their profits would be “going to the ‘moon’ imminently” after nearly four trillion tokens were “burnt.”