Jason Derulo Sells Meme Token Despite Promising ‘Never to Sell,’ Bubblemaps
Pop star Jason Derulo, known for his musical hits and vibrant stage presence, is now under scrutiny for his involvement in a meme coin scam scheme. Despite public assurances that he “WILL NEVER SELL” his newly launched meme coin, JASON, after the meme coin dumped more than 72% after launch, Derulo reportedly sold significant amounts of the token.
This development comes after his video pleading and assuring people that he will never sell his bags, adding another layer of complexity to the ongoing debate about the ethical implications of celebrity endorsements in the volatile world of cryptocurrency.
Jason Derulo Allegedly “SOLD” Despite Promise, said Bubblemaps
American singer Jason Derulo faces significant backlash after promoting a meme coin, JASON, to his 3.5 million followers on X (formerly Twitter). Shortly after the launch, the coin’s value dipped by over 72%, causing widespread dismay among investors and fans, all alleging a pump and dump scheme.
Damn Sahil got me 🤦🏾♂️! That’s ok, that’s motivation to take this all the way! I just bought 20k worth. In this for my fans for the long hall, going to do everything in my power to send this shit to the moon. Updating dex screener shortly. pic.twitter.com/eCJtZlo5yt
— Jason Derulo (@jasonderulo) June 24, 2024
Hours later, Derulo claimed that he had been deceived by alleged serial scammer and celebrity memecoin promoter Sahil Arora, but he vowed to “do everything in my power to send this shit to the moon.”
“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.”
The meme coin community is inclined to believe Derulo’s claim, given Sahil Arora’s alleged involvement in previous scams, such as Iggy Azalea’s MOTHER token. Caitlyn Jenner also claimed she was “scammed” by Arora following the release of her JENNER memecoin.
Also, American rapper Rich The Kid launched a token with Arora called RICH, also alleging that Arora had scammed him in posts on X. “This guy pretty much made a pump-and-dump and dumped all the money into his account and blocked me,” the rapper said in a video posted to X.
In an interview, Arora reportedly denied any scam allegations, calling them “dumb B.S.”
While some might have believed Jason Derulo’s claims of being deceived, influential figures in the crypto community, such as SlumDOGE millionaire and on-chain detective ZachXBT, expressed skepticism over his innocence.
SlumDOGE millionaire accused Derulo of profiting from the rug pull, saying,
“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.”
The community remains divided, but Bubblemaps, an analytics firm, reported significant selling activity allegedly involving wallets associated with Arora and Derulo. According to Bubblemaps, wallets linked to Arora held half of JASON’s supply and “dumped almost everything,” making a $180,000 profit after Derulo’s first post promoting the token.
6/ We have proof that wallet HtnZSBG belongs to @jasonderulo.
This address received tokens directly from Sahil's and has already sold 161 SOL ($20k)
Why is he promising never to sell on one wallet but selling with another?https://t.co/Yk12ipVLz1 pic.twitter.com/MTZlgdpeWb
— Bubblemaps (@bubblemaps) June 24, 2024
Bubblemaps also identified a wallet allegedly belonging to Derulo that received tokens directly from Arora’s wallet and sold around $20,000 worth of the token. This activity contradicted Derulo’s public statements on X, where he claimed he wouldn’t sell his tokens.
“Derulo’s actions don’t really match someone who got fooled,” Bubblemaps stated. “He immediately asked Ansem for a Space, hyped his community, hinted at burning tokens, and launched buy competitions,” the firm added.
Arora’s Response to the Alleged JASON Pump and Dump Scheme
This incident has sparked debate over the ethics and risks of celebrity endorsements in cryptocurrency, leading to financial losses for investors and reputational damage for the celebrities involved.
Initially, Derulo blamed Sahil Arora, linked to previous cryptocurrency scandals, and committed to restoring the coin’s value. However, Sahil Arora, the co-creator of the JASON coin, said in a report that the entire situation was part of an “orchestrated” plan.
Arora confirmed Bubblemaps’ findings about the wallets and stated that he and Derulo had a significant stake in the project. Arora’s response to the controversy was dismissive, indicating that the plan’s success was evident from the token’s price increase. Notably, JASON reportedly pumped by more than 100% after the initial dump.
Arora, the developer behind JASON, has been implicated in similar schemes involving celebrities like Caitlyn Jenner and Rich The Kid, leading to his suspension from X (formerly Twitter) and public condemnations from the affected celebrities, with Jenner announcing plans for legal action against him.
Despite all these, Arora has recently hinted at new collaborations with other celebrities, including American rapper Tyga and Brazilian footballer Ronaldinho Gaúcho, for launching similar meme coins. However, neither Tyga nor Gaúcho have explicitly promoted any crypto tokens, raising questions about their involvement.
