Price manipulation is becoming common in the cryptocurrency market, and the majority of the time it has been observed that known personalities, actors, singers, and influencers promote some ponzi and worthless projects for some endorsement fees which several times led to losses of money of innocent investors.
Most recently BBC, a leading media outlet, unveiled that the internationally popular Youtuber, Logan Paul has been facing fresh accusations for misleading fans, and earning huge profits.
BBC discovered some primary evidence that points a finger towards Logan and his promoted investment, as it is noted that he did not reveal his financial interest in them but then also promoted such projects.
Logan is among the youngest influencers and a Youtuber, who recently visited India to promote the product of the top Youtuber Mr. Beast.
He reportedly influenced the trading price of such coins, and could have gained significant profit by selling any of the held coins/tokens; however, he denied the allegations of any wrongdoing.
It is worth noting that not only Logan but several other artists and personalities have been tracked and involved in activities related to cryptocurrencies. He is also facing allegations over the failure of CryptoZoo, a crypto-based project that gained significant traction in its initial days.
Is Logan Holding a Crypto coin/ token?
It is not clarified yet, but it is worth noting that after a Tweet from Logan Paul’s official account about a particular coin in 2021, a digital assets wallet having indirect links with Logan has traded in coins. The reportedly linked wallet has made over $120k in profits after the execution of the trades.
There are speculations that Logan has made millions of dollars out of cryptocurrencies, but the reports do not focus on whether the gains are from investors or price manipulation. Elongate prices saw major movements after his video clip came to mainstream media and social media, yet it isn’t confirmed what was his intentions behind the endorsement which helped the prices grow 6,000 percent.
The usage of social media to endorse crypto projects has surged dramatically in the past few years and the majority of the time it is termed as the finance system driven by social media and other platforms that cater masses.
Telegram is mostly used to design bots and other related applications that help to facilitate hassle-free trading, earlier this year the founder and CEO of the platform was detained by police officials over severe allegations.
However, the usage of social media platforms has also backed the growth of scams, frauds, and other bogus activities in the cryptocurrency sector. When writing the crypto market capitalization was above $3 trillion growing over 10 percent since the day of this year till writing.
Hundreds of published reports underline that the usage of social platforms to endorse crypto has surged, especially Telegram, YouTube, and Discord become the primary savior helping cater to a broader audience. In terms of cryptocurrency adoption, India is at the top of the list followed by the United States, Russia, El. Salvador and many others.