Thomas Daniels
Pop star Jason Derulo is under scrutiny after endorsing a meme coin, which swiftly devalued, reigniting concerns about celebrity involvement in high-risk financial endorsements. This debacle not only results in financial losses but also jeopardizes the reputations of celebrities and erodes confidence in the cryptocurrency market.
On June 23, Derulo unveiled his meme coin, JASON, to his 3.5 million followers on X. However, the coin’s value plummeted over 72% within minutes, causing widespread discontent among investors and fans.
In the aftermath, Derulo pointed fingers at Sahil Arora, an Indian national notorious for past cryptocurrency controversies, accusing him of deceit. Derulo pledged to resolve the situation, tweeting:
“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.”
Derulo reaffirmed his commitment in an apology video, declaring the coin’s recovery as his “life’s goal.” Despite his proactive stance, skepticism persists. Notable crypto figures, including SlumDOGE Millionaire and on-chain detective ZachXBT, challenged his sincerity.
SlumDOGE Millionaire remarked, “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.”
ZachXBT added, “You are not sorry at all you have promoted so many crypto scams over the years I have lost track.”
This incident forms part of a broader pattern involving Arora, who has been linked to several celebrity-endorsed meme coins. Recently, he hinted at a partnership with American rapper Tyga for a new meme coin. However, Tyga has not publicly discussed or promoted any cryptocurrency directly, raising doubts about his involvement.
Similarly, Arora teased a Ronaldinho Gaúcho meme coin following a cryptic post from the Brazilian footballer. Although Gaúcho did not explicitly promote the coin, Arora’s rapid dissemination of a contract address after Ronaldinho’s post has sparked speculation about the footballer’s potential endorsement.
Arora, frequently implicated in orchestrating multiple pump-and-dump schemes, has leveraged celebrity names to launch and promote various tokens. This includes hacking American rapper Rich the Kid’s X account to launch the “RICH” token, as well as pushing other celebrity-themed coins such as JENNER and a token presale purportedly involving Australian musician Iggy Azalea. Each of these tokens experienced drastic value drops post-launch, with Arora reportedly profiting while the celebrities distanced themselves from him.
