Celebrity marketer Raichu, who has collaborated with several celebrities and influencers, has been accused of participating in numerous rug pulls and pump-and-dump operations.
According to a recent Twitter thread by @ZachXBT, Raichu has been connected to over 50 instances of fraud that cost investors millions of dollars.
Raichu allegedly collaborated in various scams
Raichu is a celebrity marketer that claims to have raised over $15 million for projects. It has, however, been revealed that many of these projects were allegedly mainly pump and dump operations.
Raichu was involved in a promotion for the Baller Ape Club undertaking that he co-organized with Lil Xan (BAC).
Following the discovery that the $2.6 million project was a scam, the U.S. DOJ filed charges against the founder of BAC in June 2022 for international money laundering and wire fraud.
He also collaborated with the NFT shown to link Lil Xan and Dillon Danis to the Crazy Lemur Club NFT project. Within a few weeks after its debut, the crew rug pulled $320,000 in funds. The founder was also exposed as the mastermind of more than $5 million worth of phishing fraud.
Another notable example is the Ancient Cats Club project, which Raichu reportedly worked on with rapper Rich The Kid. The project allegedly ran off with over $1.7 million shortly after launch, leaving investors in ruin.
Moreover, the team behind Ancient Cats Club launched other NFT scams like Bored Bunny and Rich Dwarves Tribe.
Raichu’s involvement in other scams, including Baby Dinger token and Vault of Gems, has also been highlighted in the thread. In one case, Raichu allegedly worked with NFL player Antonio Brown to promote the NFT project Vault of Gems, but the team disappeared with over $1 million just weeks after the launch.
Concerns over influencer involvement in possible scams
ZachXBT’s Twitter thread raises questions about the ethical implications of influencers and celebrities promoting NFT projects without disclosing their involvement in possible scams.
They claim that even though many influencers knew these projects were fake, they still chose not to declare their affiliations with them. This lack of transparency and accountability in the NFT space has led to many investors falling victim to these scams.
The Twitter thread has garnered attention from the crypto community, with many users expressing concerns about the lack of transparency and accountability in the NFT space.
Raichu’s alleged involvement in these scams has sparked outrage from many who have lost money in these projects. It remains to be seen whether any legal action will be taken against Raichu or any influencers and celebrities he has worked with.