Logan Paul, the massively popular social media personality, is facing fresh questions over his cryptocurrency dealings amid ongoing concerns he may have profited from misleading fans. The BBC has seen new evidence suggesting he promoted investments without revealing he had a financial interest in them. The influence of Paul - whose YouTube channel has more than 23 million followers - appears to have caused prices in these investments to spike, leading to suggestions he could have profited from sales of any tokens he held. Paul also currently faces a multi-million-dollar lawsuit over a failed crypto project called CryptoZoo. He denies any wrongdoing.
The BBC has discovered that shortly before Paul tweeted about a particular crypto coin in 2021, an anonymous crypto wallet with close connections to his public wallet had traded in the coin. That anonymous wallet went on to make a $120,000 (£92,000) profit. Our findings come after Time Magazine reported similar activity involving a different cryptocurrency and another anonymous wallet. For several months, Paul refused to talk to the BBC about our investigation, inviting our crew to interview him at his gym in Puerto Rico instead. However, his assistant arranged for a lookalike to appear, leading to chaotic scenes as a crowd verbally assaulted our team and we received a lawyer’s letter warning us of potential consequences for publishing our findings.
Logan Paul has promoted various high-risk crypto tokens known as "meme coins," which are often inspired by internet trends. His endorsement of an Elon Musk-themed coin, Elongate, resulted in a price surge of over 6,000% after he claimed it "made me rich." A previously analyzed anonymous wallet received funds from Paul's public wallet, purchased Elongate, and later profited from the surge. Similar patterns were observed with his promotions of other token investments, such as Dink Doink. Time Magazine also reported on an anonymous wallet's connection to Dink Doink, which faced a catastrophic drop after Paul's promotion, resulting in significant losses for investors.
In June 2021, Paul promoted Dink Doink, claiming it would generate passive income for its holders. After its value spiked based on his claims, it plummeted drastically, resulting in investor frustrations. Although Paul's legal team acknowledged his involvement in trading this coin, they asserted that he only profited $17,000 (£13,400).
Compounding these issues, Paul now faces a lawsuit concerning his latest undertaking, CryptoZoo, an online game utilizing NFTs. Investors allege that they were misled about the project's potential profitability, with reports suggesting $18.5 million (£14.3 million) in investments were collected but never properly executed. As legal pressures mount, Paul has attempted to offer partial compensation to investors, raising further concerns over transparency and responsibility in celebrity crypto endorsements.
Logan Paul has achieved success beyond social media, venturing into boxing, wrestling, and launching a beverage line. Despite his popularity, reactions to his handling of crypto promotions reveal a tarnished trust among some fans. As the scrutiny grows, questions linger regarding the ethical responsibilities of influencers in the crypto space.
The BBC has discovered that shortly before Paul tweeted about a particular crypto coin in 2021, an anonymous crypto wallet with close connections to his public wallet had traded in the coin. That anonymous wallet went on to make a $120,000 (£92,000) profit. Our findings come after Time Magazine reported similar activity involving a different cryptocurrency and another anonymous wallet. For several months, Paul refused to talk to the BBC about our investigation, inviting our crew to interview him at his gym in Puerto Rico instead. However, his assistant arranged for a lookalike to appear, leading to chaotic scenes as a crowd verbally assaulted our team and we received a lawyer’s letter warning us of potential consequences for publishing our findings.
Logan Paul has promoted various high-risk crypto tokens known as "meme coins," which are often inspired by internet trends. His endorsement of an Elon Musk-themed coin, Elongate, resulted in a price surge of over 6,000% after he claimed it "made me rich." A previously analyzed anonymous wallet received funds from Paul's public wallet, purchased Elongate, and later profited from the surge. Similar patterns were observed with his promotions of other token investments, such as Dink Doink. Time Magazine also reported on an anonymous wallet's connection to Dink Doink, which faced a catastrophic drop after Paul's promotion, resulting in significant losses for investors.
In June 2021, Paul promoted Dink Doink, claiming it would generate passive income for its holders. After its value spiked based on his claims, it plummeted drastically, resulting in investor frustrations. Although Paul's legal team acknowledged his involvement in trading this coin, they asserted that he only profited $17,000 (£13,400).
Compounding these issues, Paul now faces a lawsuit concerning his latest undertaking, CryptoZoo, an online game utilizing NFTs. Investors allege that they were misled about the project's potential profitability, with reports suggesting $18.5 million (£14.3 million) in investments were collected but never properly executed. As legal pressures mount, Paul has attempted to offer partial compensation to investors, raising further concerns over transparency and responsibility in celebrity crypto endorsements.
Logan Paul has achieved success beyond social media, venturing into boxing, wrestling, and launching a beverage line. Despite his popularity, reactions to his handling of crypto promotions reveal a tarnished trust among some fans. As the scrutiny grows, questions linger regarding the ethical responsibilities of influencers in the crypto space.
