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Social media personality Logan Paul is under scrutiny for his involvement in cryptocurrency dealings, with concerns that he may have profited by deceiving his fans.
New evidence seen by the BBC suggests that Paul promoted investments without disclosing his financial interest in them, leading to a spike in prices and potential profits from token sales.
In addition to facing a lawsuit over a failed crypto project called CryptoZoo, Paul has been accused of promoting risky „meme coins“ like Elongate and Dink Doink, which saw significant price fluctuations following his endorsements.
Despite these allegations, Paul denies any wrongdoing and has not responded to inquiries about his connection to an anonymous crypto wallet that traded in coins he promoted.
The controversy surrounding Paul’s cryptocurrency activities highlights the influence of social media personalities and the risks associated with investment in volatile assets.
Getty Images reported that $100,000 (£78,000) was sent to Paul’s public wallet from another wallet. When questioned by the BBC, Paul’s lawyers did not deny ownership of the wallet but clarified that the $100,000 transfer was not related to Dink Doink, although they acknowledged that Paul did trade Dink Doink and made $17,000 (£13,400) from it. Despite initially refusing interviews, Paul eventually agreed to speak to the BBC at his boxing gym in Puerto Rico. The interview took a bizarre turn when a Logan Paul lookalike showed up instead of the real Paul, leading to chaos with people accusing the BBC of being „paedophiles.“ This incident was later revealed to be a trolling attempt.
In the world of cryptocurrency, celebrities like Kim Kardashian have faced legal issues for promoting tokens without disclosing their financial interests. The head of the SEC emphasized the importance of celebrities being transparent about their crypto promotions. Logan Paul is currently facing a lawsuit related to his venture into CryptoZoo, an online trading card game using NFTs. Despite claims of profitability, the game encountered numerous issues upon release, resulting in financial losses for investors. Paul denies any wrongdoing and attributes the failures to other team members. He has offered partial compensation to disappointed investors and is also pursuing legal action against critics. Despite these controversies, Paul’s popularity remains strong as he continues to explore various ventures like boxing, wrestling, and launching products like the Prime soft drink with KSI. Getty Bilder Es war ein Zeugnis für die Einfluss von sowohl Logan Paul als auch KSI auf ihr hauptsächlich junges Publikum.
Allerdings, für mindestens einen Fan, ist sein Bild für immer beschädigt worden.
„Sobald du jemandem zuhörst und vertraust, was sie sagen, und sie dieses Vertrauen verraten,“ sagt Rueben Tauk, „bedeuten ihre Worte dir nichts mehr.“
Zusätzliche Berichterstattung von Ben Milne und Daisy Bata