Davido from Nigeria has been involved in multiple scams related to celebrity-inspired cryptocurrency.

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Nigerian musician Davido was recently caught up in a scam orchestrated by Indian national Sahil Arora, known for his involvement in fraudulent pump and dump schemes. Despite having a large following of 15.3 million on X and 7.9 million monthly listeners on Spotify, Davido launched a meme-inspired coin called “DAVIDO” on May 29 with the slogan “The pump stops when time stops.”

According to blockchain tracker Lookonchain, the DAVIDO token was created on popular Solana meme coin generator pump.fun and received an initial investment of 7.5 SOL. 203 million DAVIDO tokens, equal to 20.3% of the total supply, were purchased with this capital.

Davido actively promoted the token to his followers on X, encouraging them to hold on to it as he predicted a market cap of $30 million. However, just 11 hours after the launch, Davido sold 121.88 million DAVIDO tokens for 2,791 $SOL (approximately $474,000 at the time). This caused the token’s value to plummet by over 90%.

Currently, the token is trading at $0.002343, a 37% decrease from its peak. Concerns have been raised about Davido’s possible involvement in a rug pull, but he has not addressed the situation publicly yet.

This is not the first time that celebrities like Caitlyn Jenner and Iggy Azalea have fallen victim to Sahil Arora’s fraud schemes. The success of Jenner’s JENNER token and Iggy’s IGGY coin were short-lived as developers dumped their pre-acquired tokens, resulting in significant losses for investors.

Arora has also targeted other celebrities, including American rapper Rich the Kid, who accused him of hacking his account to promote a scam token called “RICH.” Magazine reported that Arora offered his services to several celebrities to promote tokens for a fee ranging from $6,000 to $315,000.

The fact that Davido was on Arora’s list of potential clients raises suspicions about his involvement in the rug pull of Davido’s memecoin. The recent surge in celebrity-themed tokens has led to numerous scams and rug pulls, causing harm to unsuspecting investors looking for fast profits.