Jaypeg, a well-known crypto figure, is accused of a promotional scam involving the Uptober memecoin and token sale controversy.
Influencer Jaypeg Accused of Scam in Memecoin Promotion
Popular crypto influencer Jaypeg faces allegations of a promotional scam involving the Solana-based memecoin, Uptober. The influencer allegedly accepted tokens to promote the project and sold them, leading to accusations from the Uptober team and community members.
Promotional Deal Sparks Controversy
The Uptober team claims they offered Jaypeg 2% of the project’s total token supply, valued at around $2,200. The deal involved promoting the new memecoin to boost visibility and attract investors. Jaypeg accepted this offer, as confirmed in a Telegram conversation. However, the situation quickly took a turn when Jaypeg allegedly deleted the wallet address and denied receiving the tokens. The now private Jaypeg post on X is saved by online sleuths, along with other evidence on the alleged promotional scam.
Onchain Sleuth Unveils Evidence
Blockchain investigator ZackXBT stepped in to examine the situation. He provided onchain evidence that contradicted Jaypeg’s claims. According to ZackXBT, the receiving wallet address for the $2,200 in Uptober tokens, starting with “8jpz1p,” was the same address associated with airdrops from Solana Saga in January 2024. This address linked to Jaypeg’s activity, including an unboxing video of the Solana Saga phone.
Denial and Deletion of Wallet Address
Jaypeg continues to insist that the address shared in the Telegram group was a “random address.” He quickly deleted the posts containing the address, which only fueled suspicion from the Uptober team. They accused Jaypeg of dishonesty and claimed he was attempting to distance himself from the situation after selling the tokens.
Claims of Blackmail and Charity Donation
In response to the allegations, Jaypeg asserted that the Uptober team was blackmailing him. He also stated that he had donated the money from the token sale to a conservation charity, The Turtle Foundation, as part of a public apology. Jaypeg’s apology has not satisfied the Uptober team, who continues to accuse him of defrauding investors and undermining the memecoin project’s credibility.
Memecoins Gaining Popularity Despite Risks
Despite the controversy surrounding Jaypeg, memecoins remain popular in the cryptocurrency space. These digital assets, often tied to internet culture or viral trends, have garnered significant attention and speculation. Analyst Murad Mahmudov believes that the memecoin market is entering a supercycle, with a peak expected by the end of 2025. The growing interest in memecoins has been linked to recent rallies in assets like Solana (SOL).
Growing Interest in Memecoins Among Investors
According to Step Finance, more than 600,000 tokens have been launched on the Solana network in the last month. This surge in new tokens is likely driven by the current memecoin hype, which has overshadowed other major cryptocurrencies, including Bitcoin. Google search data shows a similar trend, with memecoin search volumes nearing record highs while Bitcoin’s popularity has declined.
Scam Allegations Over Memecoin Craze
The allegations against Jaypeg highlight the risks associated with the memecoin market. While some traders have earned significant returns, the space remains vulnerable to scams and unethical practices. As memecoins continue to dominate headlines, investors must approach these speculative assets with caution, especially when influencer endorsements are involved.
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