Following an announcement that he’d be launching his own cryptocurrency, social media users are accusing rapper Gunna of being involved in a crypto scam, according to new reports from XXL.
“Ay @pushinpeth making a crypto metaverse for us,” wrote the Atlanta rapper on Twitter. “@shanemooncharts backing the project, I know this is gonna fly. IM TAKING THIS TO THE MOON JOIN THE TELEGRAM HERE.”
It’s alleged that Gunna is involved in what is referred to as a “rug pull.” This is a financial term that coins what happens when an asset’s initial price (in this case, a cryptocurrency) is driven up prior to going live, and then the investments are quickly pulled out. From there, the price of the crypto heads toward zero which in turn makes the asset worthless.
Self-proclaimed “on-chain sleuth” and Twitter user @zachxbt shed light on the incident Wednesday (February 3).
“Nice scam @1GunnaGunna didn’t even last 8 hrs,” read the user’s tweet. The message also included a screenshot of PushinP crypto’s performance on the platform TradingView.
The report broke down how easily cryptocurrency could be converted into cash before going live, however, it then quickly decreases in value, thus a potential rug pull.
Despite the alleged scam, the PushinPeth website remains active. However, the initial tweet and PushinPETH Twitter account have since been deleted.
Now, this ain’t pushin’ p!
What Is PushinPeth?
With a play on the 28-year-old’s single alongside Young Thug and Future on his latest studio album, DS4EVER, PushinPeth stems from the track “Pushin P.”
Per the PushinPeth website, the crypto is “a cryptocurrency that works for you, helps you [and] increase your holdings over time.
“We offer complete transparency and the latest security to all our holders,” read the website. “Additionally, the liquidity is locked on unicrypt and the ownership of the contract is renounced.”
