Crypto influencer Jaypeg faces serious allegations of a promotional scam involving the Uptober memecoin, raising questions about accountability in the cryptocurrency space.
In a shocking turn of events, popular crypto influencer Jaypeg has been accused of orchestrating a promotional scam involving the Uptober memecoin. Allegations suggest that he accepted tokens for promotion, sold them for profit, and subsequently denied ever receiving the funds.
The controversy began when members of the Uptober team and its Telegram group accused Jaypeg of failing to fulfill his promotional obligations. According to their claims, Jaypeg had agreed to promote the memecoin in exchange for 2% of its supply. This amount was estimated to be worth around $2,200 at the time.
After accepting the tokens, Jaypeg allegedly deleted the receiving addresses from the Telegram group, asserting that the address was random and did not belong to him. This action raised suspicions among the Uptober team, prompting them to seek the help of onchain investigator ZackXBT.
ZackXBT's investigation revealed that the wallet address associated with the Uptober tokens, which began with "8jpz1p," had previously claimed airdrops from the Solana Saga smartphone. This occurred shortly after Jaypeg posted a video unboxing the Solana Saga, further complicating his defense.
Despite the evidence, Jaypeg maintains that he was not involved in any wrongdoing. He has accused the Uptober team of attempting to blackmail him, which he claims is the reason for his public denial.
In an attempt to mitigate the backlash, Jaypeg publicly apologized and claimed to have donated $2,000 to The Turtle Foundation, a conservation charity. This move has been viewed by some as an effort to regain credibility amidst the growing scandal.
Memecoins have gained significant traction in the crypto market, with many analysts predicting a supercycle for these digital assets. Influencer Murad Mahmudov has suggested that the market for memecoins could peak by the end of 2025, indicating a growing interest among investors.
Recent data shows that the Solana network has seen a surge in new token creations, with over 633,357 new tokens launched since September 19. This trend has been linked to the increasing popularity of memecoins, as search interest in these assets has reached levels close to their all-time highs.
The allegations against Jaypeg highlight the ongoing challenges within the cryptocurrency space, particularly concerning influencer accountability and promotional ethics. As the situation unfolds, it remains to be seen how this will impact both Jaypeg's reputation and the Uptober memecoin's future in the market.
