With crypto scams on the rise, many popular influencers are also finding themselves dragged into similar situations. A few social media accounts were hacked, while some intentionally promoted fraudulent cryptos. Today, popular YouTuber and boxer Logan Paul is in controversy after the BBC accused him of a crypto scam. The BBC claimed he hid his personal interests by promoting crypto tokens on social media.
Logan Paul Involved in $100,000 Crypto Scams
It was not long ago that experts revealed Mr. Beast’s Crypto Scambut Internet users are now shocked by the involvement of another big YouTuber in similar crimes.
The BBC, the British news service provider, claims that Paul misled his 23 million YouTube subscribers by promoting self-interested cryptocurrency in 2021. More importantly, he earned more than $100,000 after increasing the symbolic price thanks to his endorsements.
According to the BBC, there is an apparent connection between Paul and crypto walletswhich is showing signs of making big profits from its crypto promotions. The biggest proof is when Paul endorsed Elongate, an Elon Musk-themed memecoin, in May 2021. At that time, he promoted the token, claiming it made him rich. He even endorsed it at a subscription-only club, driving up the price of the token by 6,000%. However, the BBC report also clarified that although this intention is not proven, it did influence the price of Elongate.
Wallet transaction history confirms scam history
THE BBC report found a connection between an anonymous crypto wallet and the boxer. This confirmation came after realizing that Paul’s public wallet had transferred funds to the anonymous wallet in 2021. More importantly, when Paul promoted the Elongate token on May 10, 2021, this wallet contained Elongate tokens. Even Paul’s Maverick Club shared funds with this wallet, confirming the connection between the two.
However, that’s just the beginning, as he also traded another Musk-themed token when Paul promoted it on X, claiming “he’s going to the moon.” At the same time, the wallet acquired around $160,000 worth of tokens, which generated a profit of $120,000 after the price increased within 12 hours.
This is not the first crypto scam problem for Logan Paul
Although these statements are just accusations and not proven, this is not the first controversy surrounding Logan Paul. Logan is embroiled in a crypto lawsuit over CryptoZoo, a failed non-fungible token project. At that time, the investor had lost $4 million in Paul’s crypto project.
Similar to the BBC’s conclusion, Time review also published a similar finding in 2023, involving a similar endorsement but in Dink Doink meme coins and with another anonymous wallet linked to Paul. More importantly, this anonymous wallet sent around $100,000 to Paul’s address after he sold the Din Doink tokens.
How true are all these allegations?
Despite attempts by the BBC to get in touch with Logan Paul to discuss this issue, the YouTuber backtracked and even sent a lookalike with his team to mock the interviewers. This happened when journalist Matt Shea went to interview Paul after months of chasing for the upcoming BBC documentary, Logan Paul: Bad Influence?
Overall, there is still no conclusive evidence confirming his involvement. However, with the BBC allegations, it is trending on social media. Regardless, an important point to note is that during the interaction between the BBC and Paul’s lawyer, the lawyer claimed that the transfers from the Dink Doink portfolio were not related to the sale of memecoin. For this, the BBC claimed that the lawyer did not deny Paul’s link to the memecoin mentions and the anonymous wallet. Instead, he claimed he only made $17,000 in profit.
Pooja Khardia
With a deep-rooted passion for reading and five years of experience in content writing, Pooja is now focused on creating trending content in the cryptocurrency market. As a dedicated crypto journalist, Pooja is constantly on the lookout for trending topics and informative statistics to create compelling articles for crypto enthusiasts. Keeping up with the latest trends and advances in the field is an integral part of his daily routine, fueling his commitment to providing timely and insightful coverage.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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