Jason Derulo, the well-known pop star, has come under fire for his role in a meme coin scam. Despite his public promise to never sell the newly launched meme coin, JASON, the coin experienced a significant drop in value, after which Derulo reportedly sold a large amount of the token.
This situation arose after the pop star promoted the meme coin to his 3.5 million followers on X (formerly Twitter) and faced backlash as the coin’s value plummeted by more than 72%. Derulo claimed he was deceived by a serial scammer and celebrity memecoin promoter, Sahil Arora, who has been involved in previous scams with celebrities like Iggy Azalea and Caitlyn Jenner.
While Derulo insisted he had been misled, there has been skepticism about his innocence from influential figures in the crypto community. An analytics firm, Bubblemaps, reported significant selling activity involving wallets associated with Arora and Derulo. The firm pointed out that Derulo’s actions did not align with someone who had been fooled, given his previous statements and the selling of the token.
Sahil Arora, the co-creator of the JASON coin, dismissed the controversy, claiming it was part of an orchestrated plan. Despite facing suspension from X (formerly Twitter) and public condemnation from affected celebrities, Arora has hinted at new collaborations with other celebrities, raising questions about their involvement in similar meme coin schemes.
