Crypto influencer Jaypeg is facing accusations of participating in a pump and dump scheme involving the “Uptober” meme coin. It is alleged that Jaypeg sold the tokens he received for promoting the coin, despite denying involvement and deleting evidence of the transactions.
According to the Uptober team, Jaypeg agreed to promote the meme coin in exchange for 2% of its total supply, which was valued at approximately $2,200. However, instead of fulfilling the agreement, Jaypeg is accused of selling the tokens, claiming he never received them, and removing any trace of the transactions.
The controversy began when Jaypeg made a deal with the Uptober team through a Telegram group. The agreement stated that Jaypeg would promote the newly launched meme coin in exchange for 2% of its total supply. However, once the tokens were transferred to Jaypeg’s wallet address, he allegedly deleted the messages containing the address from the group chat, stating that the address was random and that he did not receive the tokens. Suspicion arose when the team discovered that the tokens had been sold, leading to the belief that Jaypeg had dumped his allocation without fulfilling his promotional responsibilities.
To address these concerns, the Uptober team enlisted the help of ZackXBT, a well-known blockchain investigator, who conducted an investigation into the incident. ZackXBT quickly found evidence contradicting Jaypeg’s claims. The wallet address that received the Uptober tokens was linked to Jaypeg’s participation in airdrops from the Solana Saga smartphone, directly connecting him to the tokens. Despite the mounting evidence, Jaypeg continued to deny his involvement, accusing the Uptober team of blackmail. In an attempt to mend the situation, he publicly apologized and claimed to have donated the disputed $2,200 to charity. However, ZackXBT’s investigation continued to raise doubts about Jaypeg’s defense, causing many in the crypto community to question his credibility.
These accusations against Jaypeg have reignited discussions about the role of influencers in the crypto space, particularly when it comes to promoting meme coins. Meme coins have gained significant popularity during this crypto cycle, with tokens like Uptober attracting a lot of attention. However, their rise has also raised ethical concerns regarding how influencers promote such tokens. ZackXBT’s investigation indicates that Jaypeg’s actions were a deliberate attempt to deceive the Uptober team, suggesting a pump and dump scheme. The evidence linking the Solana Saga airdrop to the same wallet receiving Uptober tokens further strengthens the case against Jaypeg.
This incident comes at a time when meme coin promotions and influencer-backed projects are facing increased scrutiny. Crypto analyst Murad Mahmudov predicts that the meme coin market is entering a “supercycle” that could reach its peak by the end of 2025. This speculation, combined with the growing interest in meme coins on platforms like Solana, has resulted in a surge of new token launches and increased attention on the practices of influencers in the space.
In response to the controversy, the Uptober team and ZackXBT have urged the community to be cautious when trusting influencers. Additionally, Professor Alan Jagolinzer of Cambridge has highlighted how crypto influencers on platforms like TikTok exploit their followers’ desire for social inclusion and status.
Jaypeg’s decision to hide his profile has only fueled further doubt about his credibility.