Pop star Jason Derulo is embroiled in controversy following the disastrous launch of his meme coin, JASON, which rapidly lost its value and sparked debates about the role of celebrities in promoting high-risk financial ventures.
These incidents often lead to significant financial losses and can damage the reputations of the celebrities involved, while also eroding trust in the cryptocurrency market.
The Controversial Launch and Aftermath
On June 23, Jason Derulo announced the launch of his meme coin, JASON, to his 3.5 million followers on X. However, the coin’s value plummeted by over 72% within minutes, causing widespread disappointment among investors and fans.
In response to the backlash, Derulo blamed Sahil Arora, an Indian national with a history of cryptocurrency controversies, for misleading him. Derulo vowed 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.”
Derulo reiterated his commitment in an apology video, making the coin’s recovery his “life’s goal.”
Skepticism from the Crypto Community
Despite Derulo’s proactive approach, skepticism remains. Influential figures in the crypto community, including SlumDOGE Millionaire and on-chain detective ZachXBT, questioned his innocence. SlumDOGE Millionaire remarked, “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.”
Sahil Arora’s Pattern of Deception
The latest incident is part of a broader pattern involving Sahil Arora, who has launched several other celebrity-associated meme coins. Arora recently 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 teased a Ronaldinho Gaúcho meme coin following a cryptic post from the Brazilian footballer. Gaúcho did not explicitly promote the meme coin, but Arora’s swift sharing of a contract address after Ronaldinho’s post led to speculation about the footballer endorsing meme coins.
Arora 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, and proceeded with other celebrity-themed coins like 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.
Conclusion
The fallout from Jason Derulo’s meme coin fiasco highlights the dangers and ethical considerations surrounding celebrity endorsements of high-risk financial products like cryptocurrencies. As the market continues to evolve, both celebrities and investors must exercise greater caution and due diligence to prevent similar incidents in the future.
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