Crypto influencer Jaypeg is facing serious allegations for allegedly orchestrating a pump-and-dump scheme involving the meme coin project Uptober. According to accusations from the Uptober team, Jaypeg had agreed to promote the token in exchange for 2% of its total supply, valued at approximately $2,200. However, instead of following through on the agreement, Jaypeg is accused of selling the tokens, denying the transaction, and erasing evidence of the deal.
Jaypeg’s Alleged Pump and Dump Scheme
The controversy surfaced when Jaypeg reportedly entered into a promotional agreement with the Uptober team via a Telegram group. As part of the deal, Jaypeg was set to promote the new meme coin in return for 2% of the token supply. However, after receiving the tokens, Jaypeg allegedly deleted messages from the group chat that contained the wallet address, claiming that the address was “random” and that he had not received any tokens.
Shortly after, the team noticed that the tokens were sold, raising suspicions that Jaypeg had dumped his allocation without fulfilling his promotional obligations. The Uptober team sought assistance from blockchain investigator ZackXBT, who quickly uncovered evidence refuting Jaypeg’s denial.
Evidence Against Jaypeg
ZackXBT’s investigation revealed that the wallet address, which received the Uptober tokens, was the same address Jaypeg used to claim airdrops from the Solana Saga smartphone. This crucial link connected Jaypeg directly to the tokens. Despite mounting evidence, Jaypeg continued to deny any wrongdoing, even accusing the Uptober team of blackmail.
In a public attempt to address the controversy, Jaypeg apologized and claimed to have donated the $2,200 to charity. However, the investigation carried on, casting further doubts on his credibility.
Crypto Community and Influencers Under Scrutiny
The accusations against Jaypeg have sparked renewed discussions about the ethics of influencers promoting meme coins. Meme coins, which have seen a surge in popularity, particularly on platforms like Solana, are often subject to pump-and-dump schemes, raising concerns about influencer involvement.
The investigation into Jaypeg’s actions, particularly his deletion of evidence and denials, has led many in the crypto community to question his integrity. Blockchain evidence, especially the connection to the Solana Saga airdrop, strengthened the case against him.
Rising Meme Coin Popularity and Concerns
The meme coin market continues to grow, with analysts like Murad Mahmudov predicting a “supercycle” that could peak by 2025. This increased attention has brought a surge in token launches and influencer-backed projects, but it has also led to heightened scrutiny regarding the behavior of these influencers.
In light of the Jaypeg controversy, ZackXBT and the Uptober team have urged the crypto community to exercise caution when trusting influencers. Similarly, Professor Alan Jagolinzer of Cambridge has highlighted how influencers on platforms like TikTok exploit social-psychological factors to manipulate their followers.
Amid the growing backlash, Jaypeg has hidden his profile, further casting doubt on his reputation.
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