Such incidents not only cause investors to lose their money, but also damage the reputation of celebrities and shake the trust in the cryptocurrency market. On June 23, Derulo announced the launch of his own meme coin, JASON, on his X account, which has 3.5 million followers. But unfortunately, the coin’s value fell by more than 72% in a matter of minutes, disappointing investors and fans.

In response to the reactions, Derulo accused Indian Sahil Arora, who was previously associated with controversial events in the cryptocurrency market, of misleading him. He promised to rectify the situation in a statement on the .”

The American singer attempted to take a proactive approach, reiterating in an apology video that he had made it his “life’s goal” to raise the coin again. But skepticism remains. People like SlumDOGE Millionaire and cryptocurrency researcher ZachXBT have questioned Derulo’s innocence.

SlumDOGE Millionaire commented: “He walked away with his million dollars and now he deposited $20,000! You’re not stupid Jason, you know the crypto market, don’t try to ignore what happened.”

ZachXBT added: “You’ve introduced so many crypto scams over the years that I don’t even know how many they count anymore. You’re not sorry at all.”

The Derulo incident is part of a larger problem linked to Sahil Arora. Arora has previously launched other meme coins named after celebrities. He recently hinted at a collaboration with American rapper Tyga for a new meme coin. However, Tyga has not yet mentioned or promoted any cryptocurrency on his social media accounts, which raises questions about whether there is a collaboration or not. Similarly, after Ronaldinho Gaúcho’s post, Arora hinted that a meme coin about the Brazilian football player might be coming.

Gaúcho did not publicly promote the meme coin. However, Arora quickly shared a contract address after Ronaldinho’s post, leading to speculation that the football player approved meme coins.

Arora, who has been accused of being the man behind many “pump-and-dump” operations, appears to be taking advantage of the celebrities’ web3 inexperience and using them as intermediaries. He first launched and promoted the “RICH” token by hacking the X account of American rapper Rich the Kid. Arora then went on to organize presales of coins and tokens associated with other famous names, using the name of Australian singer Iggy Azalea. All of these coins lost huge value shortly after their launch, and Arora made a profit. After the incidents, the celebrities in question tried to distance themselves from Arora.