Crypto Influencer Jaypeg Faces Allegations of Manipulating “Uptober” Meme Coin
Altcoins
crypto influencers
Pump-and-dump
Crypto influencer Jaypeg is being accused of engaging in a pump and dump scheme involving the “Uptober” meme coin. It is alleged that Jaypeg sold the tokens he received for promoting the coin, despite denying any involvement and attempting to cover up the transaction evidence.
The controversy surrounding Jaypeg started when the Uptober team claimed that he had agreed to promote their token in exchange for 2% of its total supply, which was valued at approximately $2,200. However, instead of fulfilling his end of the deal, Jaypeg allegedly sold the tokens, denied receiving them, and deleted any evidence of the transactions.
The agreement between Jaypeg and the Uptober team was made through a Telegram group. Once the tokens were transferred to Jaypeg’s wallet address, he reportedly deleted the messages containing the address from the group chat, claiming that it was a random address and that he had not received the tokens. However, the team discovered that the tokens had been sold, leading to suspicions that Jaypeg had dumped his allocation without fulfilling his promotional responsibilities.
To address these concerns, the Uptober team enlisted the help of ZackXBT, a well-known blockchain investigator, who conducted an investigation into the incident. ZackXBT quickly found evidence contradicting Jaypeg’s claims. The wallet address that received the Uptober tokens was the same one used by Jaypeg to claim airdrops from the Solana Saga smartphone, proving his direct involvement with the tokens.
Despite the mounting evidence against him, Jaypeg continued to deny any wrongdoing and accused the Uptober team of blackmail. In an attempt to mitigate the situation, he publicly apologized and claimed to have donated the disputed $2,200 to charity. However, ZackXBT’s investigation continued to cast doubt on Jaypeg’s defense, causing many in the crypto community to question his credibility.
These allegations against Jaypeg have sparked discussions about the role of influencers in the crypto space, particularly when it comes to promoting meme coins. Meme coins have gained significant popularity during this crypto cycle, with tokens like Uptober attracting a lot of attention. However, their rise has also raised ethical concerns about how influencers promote such tokens.
ZackXBT’s investigation suggests that Jaypeg intentionally deceived the Uptober team. His actions, including deleting the wallet address and later denying his involvement, indicate a deliberate pump-and-dump scheme. The blockchain evidence linking the Solana Saga airdrop to the same wallet receiving Uptober tokens further supports this case.
This incident comes at a time when meme coin promotions and influencer-backed projects are facing increased scrutiny. Crypto analyst Murad Mahmudov predicts that the meme coin market is entering a “supercycle,” which could reach its peak by the end of 2025. This speculation, coupled with the growing interest in meme coins on platforms like Solana, has led to a surge in new token launches and heightened attention on influencer practices within the crypto community.
In response to the controversy, the Uptober team and ZackXBT have urged caution when trusting influencers. Professor Alan Jagolinzer of Cambridge also highlighted how crypto influencers on platforms like TikTok manipulate their followers’ desire for social inclusion and status. Jaypeg’s decision to hide his profile has only further raised doubts about his credibility.
