Crypto Influencer Jaypeg Accused of Promotional Scam Involving the 'Uptober” Memecoin Project

Crypto influencer Jaypeg has found himself at the center of controversy following accusations of a promotional scam involving the “Uptober” memecoin project.

Crypto influencer Jaypeg has been accused of involvement in a promotional scam by the team behind the “Uptober” memecoin project. According to the team, they had an agreement with Jaypeg to promote their token in exchange for 2% of the total supply, which was valued at around $2,200 at the time.

The team claims that Jaypeg accepted the deal in a Telegram thread and received the tokens. However, he then allegedly deleted the receiving wallet addresses from the group chat, claiming that the address was random and did not belong to him. The Uptober team noticed that the tokens were subsequently sold, leading them to suspect that Jaypeg had dumped his allocation without fulfilling his promotional obligations.

To verify their concerns, the Uptober team contacted blockchain investigator ZackXBT, who uncovered evidence that appeared to contradict Jaypeg's claims. ZackXBT revealed that the wallet address receiving the Uptober tokens, beginning with “8jpz1p,” was the same address used to claim airdrops from the Solana Saga smartphone on January 10,2024. This activity occurred just hours after Jaypeg had posted a Solana Saga unboxing video that mentioned the airdrops.

Despite the mounting evidence, Jaypeg has maintained his innocence. He claimed that the wallet address posted in the Telegram group was indeed random, which is why he deleted the messages containing the address. Jaypeg has also accused the Uptober team of attempting to blackmail him.

In an apparent effort to address the situation, Jaypeg issued a public apology and reportedly donated $2,000 to The Turtle Foundation, a conservation charity. However, this gesture has done little to quell the controversy surrounding his actions.

The incident has reignited debates about the role and responsibilities of influencers in the cryptocurrency space, particularly concerning the promotion of memecoins. Memecoins have experienced a surge in popularity during the current market cycle, with some analysts predicting a “memecoin supercycle” that could peak by the end of 20205.

This increased interest in memecoins has led to a proliferation of new token launches, especially on networks like Solana. Since September 19, over 633,000 new tokens have been created on the Solana network alone, according to data from Step Finance.

The controversy surrounding Jaypeg also comes at a time when the crypto community is becoming increasingly aware of the potential risks associated with influencer-backed projects. Recent studies have highlighted how some crypto influencers leverage social-psychological factors to exploit their followers' desire for social inclusion and status.

In response to the allegations, Jaypeg has hidden his social media profile, further fueling doubts about his credibility. The Uptober team and ZackXBT have urged the community to exercise caution when trusting influencers in the crypto space.

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