The Uptober memecoin team accused popular cryptocurrency influencer Jaypeg of facilitating promotional fraud, claiming he received tokens to promote the project, sold them for a profit, and then refused to receive the funds.
Members of the Uptober team and Telegram group claimed to have agreed with Jaypeg to promote memecoin in exchange for 2% of the Uptober supply, worth about $2,200.
The influencer accepted the transaction and received the funds in the Telegram thread, but immediately deleted the receiving address posted in the group. He claimed the address was random and not his.
source: Zypeg.
The team contacted on-chain detective ZackXBT to investigate, and ZackXBT provided some evidence contradicting Jaypeg’s claims. Onchain detectives discovered that a receiving address for approximately $2,200 in Uptober tokens starting with “8jpz1p” claimed an airdrop from a Solana Saga smartphone on January 10, 2024, hours after Jaypeg posted a Solana Saga unboxing video. He said it was the same as the address. Referred to airdrop.
Jaypek claims that the wallet address posted in the Telegram group was a “random address,” which led the influencer to delete messages containing that address from the Telegram group.
The Memecoin influencer also claimed that the Uptober team attempted to blackmail him and issued a public apology in which he donated the money to charity.
The wallet address is believed to be Jaypeg’s. source: SolScan.
relevant: ZachXBT Reveals Murad Mahmudov’s $24 Million Memecoin Wallet
Memecoin is taking the cryptocurrency market by storm.
Memecoin has been one of the best-performing digital assets during the current cycle. Analyst and influencer Murad Mahmudov believes that the current market is at the beginning of a memcoin supercycle and predicts that the memcoin market will peak by the end of 2025.
This memecoin speculation is believed to be the cause of the recent rise in Solana (SOL) price. According to Step Finance, a whopping 633,357 new tokens have been created on the Solana network since September 19th.
Google search analysis also confirms current investor interest in memecoin. During the week of October 12, search volume for memecoins increased to levels close to previous highs reached in 2023, while search interest for the term Bitcoin (BTC) fell to a one-year low.
magazine: Memecoins: A betrayal of more than just cryptocurrencies… Or its true purpose?