Crypto Influencer Jaypeg Accused of “Uptober” Meme Coin Pump and Dump

Crypto influencer Jaypeg is accused of a pump and dump scheme involving the "Uptober" meme coin, allegedly selling tokens received for promotion while denying involvement and deleting transaction evidence.

Journalist Hassan Shittu Journalist Hassan Shittu About Author Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in... Author Profile Share Copied Last updated: October 21, 2024 06:09 EDT

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Crypto influencer Jaypeg has come under fire for allegedly scamming the “Uptober” meme coin project in a Pump and Dump scheme. According to claims made by the Uptober team, Jaypeg accepted a deal to promote the token in exchange for 2% of its total supply, valued at roughly $2,200.

However, instead of honoring the agreement, Jaypeg is accused of selling the tokens, denying he received them, and deleting transaction evidence.

Jaypeg Uptober Pump and Dump: A New Influencer Scammer?

The controversy began when Jaypeg reportedly struck a deal with the Uptober team through a Telegram group.

The agreement involved Jaypeg promoting the newly launched meme coin in exchange for 2% of its total supply.

The deal seemed straightforward until Jaypeg received the tokens.

Once the tokens were transferred to a wallet address shared by Jaypeg, he allegedly deleted the messages containing the address from the group chat, claiming the address was “random” and that he had not received the tokens.

Shortly after, the team noticed the tokens were sold, leading to suspicions that Jaypeg had dumped his allocation without fulfilling his promotional obligations.

To address these concerns, the Uptober team sought help from ZackXBT, a well-known blockchain sleuth who launched an investigation into the incident.

ZackXBT quickly uncovered evidence contradicting Jaypeg’s claims.

The wallet address that received the Uptober tokens was found to be the same one used by Jaypeg to claim airdrops from the Solana Saga smartphone, linking him directly to the tokens.

1/ A short story about how the influencer @0xjaypeg got caught lying to the community three times this weekend about an allocation for a project all for $2.2K. pic.twitter.com/Nvb5ZqsaXN — ZachXBT (@zachxbt) October 20, 2024

Despite the mounting evidence, Jaypeg doubled down on his denial, accusing the Uptober team of attempting to blackmail him.

In an apparent effort to smooth things over, he publicly apologized and claimed to have donated the $2,200 in dispute to charity.

5/ Jaypeg then made another post a few hours ago saying he was sorry and stated 8jpz1p was a random address

“I gave them a random address that ended up dumping, making it seem like it was me. I wouldn't sell/don't care about 2k at all” pic.twitter.com/j4Alvza364 — ZachXBT (@zachxbt) October 20, 2024

However, ZackXBT’s investigation continued to cast doubt on Jaypeg’s defense, leading many in the crypto community to question the influencer’s credibility.

Growing Scams of Crypto Influencers Amid Meme Coin Surge

The allegations against Jaypeg have reignited debates about the role of influencers in the crypto space, particularly when promoting meme coins.

Meme coins have surged in popularity during this crypto cycle, with tokens like Uptober attracting much attention and interest.

However, with their rise has come a wave of ethical concerns regarding how influencers promote such tokens.

According to ZackXBT’s investigation, Jaypeg’s actions suggest a deliberate attempt to deceive the Uptober team.

His decision to delete the wallet address from the Telegram group and his later denials led many to believe this was a deliberate pump-and-dump scheme.

The blockchain evidence linking the Solana Saga airdrop to the same wallet receiving Uptober tokens further solidified the case against Jaypeg.

This incident comes amid growing scrutiny of meme coin promotions and influencer-backed projects.

Crypto analyst Murad Mahmudov recently predicted that the meme coin market is entering a “supercycle” that could peak by the end of 2025.

This speculation, combined with rising interest in meme coins on networks like Solana, has caused a surge in new token launches and increased attention to the practices of influencers in the space.

In response to the controversy, the Uptober team and ZachXBT has urged the community to be cautious about which influencers they trust.

Similarly, Professor Alan Jagolinzer of Cambridge recently highlighted how crypto influencers on platforms like TikTok leverage social-psychological factors to exploit their followers’ drive for social inclusion and status.

Jaypeg has also hidden his profile, casting more doubt on his credibility.