Gunna Accused of Being Involved in Crypto Scam
People on social media are accusing Gunna of being involved in a crypto scam.
On Monday (Jan. 31), Gunna tweeted that he was launching his own cryptocurrency called PushinPETH. "Ay @pushinpeth making a crypto metaverse for us!" he wrote. "@shanemooncharts backing the project, I know this is gonna fly. IM TAKING THIS TO THE MOON JOIN THE TELEGRAM HERE."
Both the tweet and PushinPETH account have since been deleted.
It is unclear who exactly @shanemooncharts is, although his Twitter account has remained live.
However, the name of the currency is a play on Wunna's Young Thug and Future-assisted single "Pushin P" from his latest album, DS4EVER.
The PushinPeth website describes the crypto as "a cryptocurrency that works for you, helps you increase your holdings over time. We offer complete transparency and the latest security to all our holders. Additionally, the liquidity is locked on unicrypt and the ownership of the contract is renounced." The site is currently live as well.
The Atlanta rapper is accused of being involved in a rug pull. A rug pull is a financial term that describes when the initial price of an asset, such as a cryptocurrency, is driven up upon going live, and then the creators quickly pull the investments out. This leaves the price of the crypto heading toward zero, making it essentially worthless.
Twitter user and self-proclaimed "on-chain sleuth"was the first to shed light on the situation with Gunna's crypto on Wednesday morning. "Nice scam @1GunnaGunna didn’t even last 8 hrs," they tweeted.
Included in the message was a screenshot of PushinP crypto's performance on TradingView, which showed how it received an influx of liquidity—or how easily cryptocurrency can be converted into cash—upon going live, but then quickly decreased in value. This is evidence of a potential rug pull.
Many other people on Twitter have since voiced their displeasure with Gunna and his cryptocurrency. See their reactions below.
Gunna spoke about his interest in the metaverse during an interview with Power 105.1's The Breakfast Club in January. "I been kinda growing in that [metaverse] space," he said. "I got a few more NFTs that I just been collecting, but it's about having your own NFT. It's about having your own collection and dropping it."
XXL has reached out to a rep for Gunna for comment on this crypto story.