YouTuber and Fighter Logan Paul Accused of Cryptocurrency Market Manipulation
Logan Paul, the globally recognized influencer and YouTube personality, is under scrutiny for his involvement in the cryptocurrency market. According to recent documents reviewed by the BBC, Paul allegedly promoted investments without disclosing his financial interests in these projects, raising suspicions of market manipulation for personal gain.
Promotion of Memecoins and Questionable Profits
Among the incidents analyzed, Paul's promotion of memecoins has drawn significant attention. In 2021, he encouraged fans to invest in Elongate, a token associated with billionaire Elon Musk, via an exclusive video for his community. Following his endorsement, the token’s value surged by over 6,000%, only to plummet shortly thereafter.
Investigations uncovered that an anonymous wallet linked to Paul’s public wallet purchased approximately $160,000 worth of another Musk-related token just before Paul tweeted about its potential. After the token’s price spiked, the same wallet sold most of its holdings, netting an estimated $120,000 profit.
Paul also heavily promoted Dink Doink, a token promising dividends tied to animated productions. Despite his enthusiasm, the token's value dropped by 96% within two weeks. A Time Magazine investigation revealed that a wallet linked to Paul sold Dink Doink tokens post-promotion, transferring $100,000 to his public wallet.
CryptoZoo Scandal and Legal Troubles
In addition to controversial promotions, Paul is facing a class-action lawsuit involving his project CryptoZoo, which raised $18.5 million. The NFT-based game promised returns through the creation of hybrid digital animals.