TL;DR
- Jason Derulo faces criticism after promoting a meme cryptocurrency that fell 72% shortly after its launch.
- Derulo blames Sahil Arora and promises to rectify the situation, although the crypto community is skeptical.
- This incident joins other similar cases, suggesting a recurring pattern of possible scams in the world of cryptocurrencies.
Famous singer Jason Derulo has become embroiled in controversy after promoting a meme cryptocurrency called JASON, which suffered a dramatic 72% drop in value just minutes after its launch.
This event has generated a wave of criticism and accusations of fraud, underscoring the dangers and consequences of celebrity involvement in promoting financial products, particularly in the volatile cryptocurrency market.
Derulo used his platform on X, formerly known as Twitter, to announce the launch of the cryptocurrency to his 3.5 million followers.
let me take you dancin @pumpdotfun 🔥
6SUryVEuDz5hqAxab6QrGfbzWvjN8dC7m29ezSvDpump đź•ş
— Jason Derulo (@jasonderulo) June 23, 2024
However, the coin quickly lost most of its value, sparking outrage from investors and fans.
In response, Derulo pointed to Sahil Arora, an individual with a history of scandals in the cryptocurrency space, as the person responsible for the situation.
The singer assured his followers that he had purchased $20,000 worth of the coin and pledged to do everything he could to recover its value, declaring in an apology video that he would make recovering the coin his “life goal.”
Despite Derulo’s efforts to show his commitment, the crypto community has reacted with skepticism.
Influential voices such as SlumDOGE Millionaire and network detective ZachXBT have questioned Derulo’s innocence in this matter.
SlumDOGE Millionaire, for example, noted that Derulo is no newbie to the world of cryptocurrencies and suggested that the singer was aware of what was going on.
Currently, the liquidity of the JASON cryptocurrency is extremely low, approximately $211,000, and it has around 3,190 holders.
This pattern is similar to other high-profile cryptocurrency scams, where initial excitement turns into significant losses for ordinary investors.
Jason Derulo Case and a Worrying Pattern in the Crypto Industry
This incident is not an isolated event.
Sahil Arora has been linked to other celebrity-associated meme cryptocurrency launches.
Recently, he hinted at a collaboration with American rapper Tyga to launch another meme cryptocurrency.
However, to date, Tyga has not promoted any cryptocurrency directly on his social media, raising questions about his actual involvement and the possible impact if his involvement is confirmed.
Likewise, Arora has suggested the creation of a meme cryptocurrency with Brazilian soccer legend Ronaldinho GaĂşcho.
Although Ronaldinho has not explicitly promoted any cryptocurrency, a post on X about mainstream cryptocurrencies quickly followed by the address of a contract shared by Arora, has led to speculation about his involvement.
The rapid depreciation of these currencies after their launch is a recurring concern that has captured the attention of both the investing public and regulators.
This pattern of scams highlights the need for greater surveillance and regulation in the cryptocurrency market to protect investors from future financial losses and to preserve market integrity.
While cryptocurrencies offer exciting opportunities, the community must be aware of the risks and exercise caution, especially when it comes to celebrity-endorsed promotions.
