With cryptocurrency becoming extremely popular over the last few years, there has been a large uptick in brand new projects. Unfortunately for investors, it is very hard to figure out which projects are legit, and which ones are alleged scams. Of course, the crypto space is not regulated, which makes it the Wild West as young tech entrepreneurs look to make a quick buck off of impossible promises.
This has led to a few lawsuits throughout the crypto space, and now, according to All Hip-Hop, the CEO of SafeMoon, Braden John Karony, is being sued as part of a class-action lawsuit. For those who may not know, SafeMoon had a massive 2021 as the value of the currency grew by a whopping 875 percent, before falling 80 percent by 2022.
In the lawsuit, celebrities like Lil Yachty, Soulja Boy, and even Jake Paul are all implicated, as these artists were allegedly recruited to pump the value of the currency. Investors say they were rug-pulled throughout the year and that the project never lived up to its promises of a fully functioning crypto wallet.
It remains to be seen what will come of this lawsuit, especially as there are numerous moving parts here. The crypto space is still new, and this could set a precedent for decades to come.
Stay tuned to HNHH for all of the latest updates from around the hip-hop world.
[Via]