Female rapper Sexyy Red may be in a lot of trouble, according to the popular social media scam exposer Zach XBT. And if the scam-finder is correct, Sexyy Red – or people associated with her – could face time in prison.
So what happened? Well Sexyy Red just released a new album called Sexyy Red for President. And she’s currently planning a world tour – using the same name.
In connection with that launch, Sexyy Red began promoting a crypto currency called PRESI. It’s not clear who the creator of the crypto is – or whether that person has ties to Sexyy Red.
For the past few weeks, Sexyy Red has been promoting the PRESI crypto to her fans, and the currency has risen in value.
So what’s the issue? Zach XBT is claiming that PRESI is a secret pump-and-dump by Sexyy Red and her team. He claims that Sexyy Red owns more than 90% of the crypto currency, and she plans to slowly sell it off to her fans.
Under federal securities laws, pump-and dump scams are federal felonies. A crypto pump-and-dump is a market manipulation scam where perpetrators create or obtain large amounts of an altcoin, promote it to fraudulently inflate (pump) the token price, and then cash out by selling (dumping) them to unsuspecting investors.
When perpetrators dump their tokens, the supply increases as the price decreases. Since many of these assets have little to no value, their prices will not recover after the scammers dump their holdings. In other words, innocent investors are stuck with nearly worthless tokens while the fraudsters count their loot.
Here’s Zach XBT’s evidence, which he says are the wallets that own the crypto. He somehow claims that those wallets are linked to Sexyy Red’s team.
Obviously these are serious allegations against Sexyy Red. Media Take Out has not been able to determine the veracity, but folks all over social media are running with it.
Other internet sleuths are jumping on the bandwagon, and saying that Sexyy Red is up to no good.
