Crypto Community Criticizes Jason Derulo After Meme Coin Collapse

Pop singer Jason Derulo is under fire following the promotion of his meme coin, JASON, which rapidly lost value. The incident has sparked debates over the responsibilities of celebrities in endorsing high-risk financial products.

June 23, Jason Derulo introduced meme coin JASON to its 3.5 million followers on This rapid decline has raised questions about the volatility and risks associated with meme coins.

In response to the backlash, Derulo accused Sahil Arora, an Indian citizen linked to previous cryptocurrency controversies, of misleading him about the coin’s potential. Derulo expressed his determination to correct the situation by purchasing $20,000 worth of JASON coins. He stated on X,

“Damn, Sahil got me! Okay, that’s the motivation to get to the bottom of it! I just bought $20,000 worth of it. That way for my long term fans, I’ll do everything in my power to send this shit to the moon.

Despite Derulo’s efforts to address the issue, skepticism persists within the cryptocurrency community. Prominent figures, including SlumDOGE Millionaire and on-chain detective ZachXBT, have publicly cast doubt on Derulo’s claims of innocence. Slum millionaire DOGE commented,

“Bro made $1 million from his carpet and put back $20,000 lol. You’re not stupid or new to cryptocurrency Jason, you know exactly what was going on, don’t be stupid now.”

ZachXBT he echoed these feelings, stating,

“You’re not sorry at all. You have promoted so many crypto scams that I have lost track of them over the years.”

Furthermore, these criticisms reflect broader concerns about the involvement of celebrities in promoting volatile and speculative financial products without fully understanding the risks involved.

Sahil Arora’s controversial involvement

Sahil Arora, the Derulo individual blamed for the JASON coin failure, has a history of involvement in controversial cryptocurrency projects. Arora has already launched several meme coins associated with celebrities, many of which suffered a price collapse shortly after their release.

Arora’s activities included hacking American rapper Rich the Kid’s X account to promote the “RICH” token, facilitating other celebrity-themed coins such as JENNER, and conducting a token presale under the guise of the musician Australian Iggy Azalea. These ventures typically saw Arora pocketing the profits while celebrities distanced themselves from the projects once the value of the coins plummeted.

Recent events involving Derulo and Arora have raised broader questions about the role of celebrities in the cryptocurrency market. The risks and potential for financial loss associated with meme coins and other speculative investments are significant, and the involvement of high-profile figures may lend undue credibility to these ventures.

Arora hinted at future collaborations with other celebrities, such as American rapper Tyga and Brazilian footballer Ronaldinho Gaúcho. However, these individuals have not yet publicly endorsed or promoted it cryptocurrency tokensleaving their involvement uncertain.

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