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Social media sensation Logan Paul is under scrutiny for his involvement in cryptocurrency dealings that have raised concerns about potential profit from misleading fans. Recent evidence suggests that he may have promoted investments without disclosing his financial interest in them, causing prices to surge and leading to suspicions of profit from token sales.
Paul is also facing a multi-million-dollar lawsuit related to a failed crypto project called CryptoZoo, which he denies any wrongdoing in. The BBC has uncovered connections between an anonymous crypto wallet and Paul’s public wallet, indicating potential profit of $120,000 from trading.
Despite initially refusing to speak to the BBC, Paul eventually agreed to an interview at his gym in Puerto Rico. However, a lookalike appeared in his place, followed by a group shouting abuse at the BBC. Minutes after the failed interview, a lawyer’s letter was sent warning of consequences if the findings were published.
Paul gained fame through social media platforms like Vine and YouTube, with his videos increasingly mentioning cryptocurrency in recent years. He promoted high-risk meme coins like Elongate and Dink Doink, causing their values to skyrocket before crashing. The BBC’s investigation revealed trading patterns in an anonymous wallet linked to Paul, with transactions indicating possible profit from token promotions.
Celebrities like Paul and Kim Kardashian have faced legal issues for promoting crypto without disclosing financial interests, as per SEC regulations. Paul’s involvement in CryptoZoo, an NFT-based trading card game, has also sparked controversy and legal action. The BBC’s investigation raises questions about Paul’s role in the crypto market and his potential influence on prices through social media promotions.