Base Co-Founder Faces Backlash for Supporting Soulja Boy's Token Amid Scam Allegations

Jesse Pollak, a co-founder of Base, is under fire for engaging with a meme token tied to rapper Soulja Boy, a figure with a controversial history in cryptocurrency promotions. This incident raises critical questions about the responsibilities of influential individuals in the crypto space, especially in light of previous scams associated with Soulja Boy.

Key Takeaways

Jesse Pollak backed a meme token linked to rapper Soulja Boy, attracting criticism due to the artist's past controversies in crypto promotions.
Concerns have been raised about the implications of celebrity endorsements and the responsibility of industry leaders.
An on-chain investigator highlighted a history of untrustworthy crypto projects associated with Soulja Boy.
The incident complicates Base’s growing reputation as a legitimate Layer-2 network within the Ethereum ecosystem.

Pollak’s Support and Public Reaction

Base co-founder Jesse Pollak has come under significant scrutiny after he publicly interacted with and supported a meme token associated with rapper Soulja Boy. This incident reignites ongoing concerns regarding celebrity-backed cryptocurrency promotions and the accountability of prominent figures in the crypto ecosystem.

The situation arose from a series of posts on X (formerly known as Twitter) in mid-December. On December 13, Soulja Boy compared payout schedules for creators across various major platforms, arguing that newer applications offer quicker access to earnings than traditional social networks.

Reviving Concerns About Celebrity Promotions

Pollak joined the conversation, positioning Base, Coinbase’s Ethereum Layer-2 network, as a new way for creators to monetize their content. In response to Soulja Boy’s remarks, Pollak noted that he had recently supported the rapper via Base and was able to earn immediately, labeling this interaction as part of a "new internet" experience enabled by blockchain technology.

While Pollak did not explicitly name the token in question, many interpreted his comments as an endorsement of a newly launched meme token connected to Soulja Boy. This raised eyebrows among developers, traders, and researchers, who questioned why a senior figure at a Coinbase-supported network would publicly associate with a celebrity whose past crypto activities had been previously criticized.

The backlash quickly shifted from criticism of the specific token to broader discussions about integrity, reputation, and visibility within the Base ecosystem, which has marketed itself as a compliant and mainstream-friendly Layer-2 solution.

Investigative Insights on Soulja Boy’s Crypto Ventures

The debate escalated when on-chain investigator ZachXBT publicly criticized Pollak’s decision to engage with Soulja Boy. ZachXBT referenced research he published in April 2023, which documented a long history of questionable crypto promotions linked to the rapper.

According to ZachXBT's research, Soulja Boy was involved in at least 73 token promotions and 16 NFT launches, many of which ultimately failed or were abandoned. He provided examples from previous market cycles, including meme tokens like RapDoge (promoted in July 2021 before rug-pulling) and projects like Orion and The Life Token, which claimed charitable purposes before collapsing.

ZachXBT also noted that Soulja Boy had launched multiple NFT collections that promised utility that never materialized. Additionally, he highlighted prior regulatory and legal problems, including SEC charges tied to Tron promotions and a lawsuit involving SafeMoon.

Rise of Base and Its Implications

This scrutiny comes at a critical time for Base. Current data from L2beat shows that Base is the second-largest Layer-2 network in terms of total value locked, boasting approximately $12.66 billion, only second to Arbitrum.

Base's Growth in Layer-2 Market

Base's rapid expansion has made it one of the most noticeable scaling solutions in the Ethereum ecosystem, which has led to increased attention on how prominent figures engage in public discussions.

The response to Pollak’s engagement with Soulja Boy mirrors broader trends in the crypto community. Recently, ZachXBT has been at the center of high-profile cases related to alleged misconduct, including celebrity NFT launches and potential large-scale hacks, emphasizing ongoing debates around due diligence, accountability, and influence in the blockchain space.