Uptober Memecoin Team Accuses Crypto Influencer Jaypeg of Running a Promotional Scheme

The Uptober memecoin team has accused popular crypto influencer Jaypeg of running a promotional scheme, alleging that he received tokens to promote the project

Popular crypto influencer Jaypeg has been accused of running a promotional scheme by the Uptober memecoin team, who allege that he received tokens to promote the project, sold them for profit, and later denied ever receiving the funds.

The incident has sparked a debate over the ethics of influencer promotions and the role of blockchain analysis in uncovering potential scams.

According to the Uptober team and members of their Telegram group, they offered Jaypeg 2% of Uptober’s token supply, which was valued at around $2,200 at the time, in exchange for promoting the memecoin.

The influencer allegedly agreed to the deal and provided a wallet address to receive the funds. However, after accepting the funds, Jaypeg reportedly deleted the wallet address, claiming that it did not belong to him and that the Uptober team was trying to scam him.

To investigate the issue further, the Uptober team contacted blockchain detective ZackXBT, who provided evidence contradicting Jaypeg’s statements.

ZackXBT revealed that the address used to receive the $2,200 in Uptober tokens matched an address associated with a Solana airdrop, which Jaypeg had referenced in a Solana Saga unboxing video earlier this year.

This suggested that the address belonged to Jaypeg, despite his claims to the contrary.

When confronted with this evidence, Jaypeg argued that the address was random and that he had never received any funds from the Uptober team. He also denied any wrongdoing and claimed that the Uptober team attempted to blackmail him.

In response to the allegations, Jaypeg stated that he donated the funds he received from the Uptober team to charity and that he has since apologized publicly for his involvement in the incident.

Memecoins have been gaining attention in the crypto market recently, with some analysts suggesting that the market may be in the early stages of a memecoin super cycle.

The hype around memecoins is believed to have contributed to the recent price rally of Solana, which has also seen over 600,000 new tokens being created on the network since mid-September.

Data from Google Trends also shows a surge in search interest for memecoins, while interest in Bitcoin has dropped to its lowest in a year.

Meanwhile, BitMEX co-founder Arthur Hayes shared that he’s on the lookout for the next big meme coin and is putting together a portfolio ahead of an expected rally.

While Hayes is still waiting for the crypto community’s suggestions, his portfolio already includes some well-known names like Iggy Azalea-inspired Mother Iggy (MOTHER), Mog Coin (MOG), and Pepe (PEPE).