Following Mr. Beast, popular YouTuber Logan Paul faces accusations of a crypto scam after the BBC uncovered his anonymous wallets.
Numerous well-known influencers are also drawn into similar circumstances as a result of the increase in cryptocurrency fraud.
While some social media accounts purposefully promoted fraudulent cryptocurrency, others were compromised.
Logan Paul, a well-known boxer and YouTuber, is currently embroiled in controversy after the BBC accused him of engaging in a cryptocurrency scam.
According to the BBC, he has concealed his interests while using social media to promote cryptocurrency coins.
Logan Paul Was Part Of Crypto Scams Worth $100K
Not long after experts exposed Mr. Beast’s cryptocurrency scam, netizens are now surprised to learn that another well-known YouTuber has been implicated in similar crimes.
Paul has allegedly deceived his 23 million YouTube subscribers by endorsing a self-serving cryptocurrency in 2021, according to the British News Service (BBC).
More significantly, he has pumped the token price with his recommendations, earning over $100,000.
According to the BBC, Paul and cryptocurrency wallets appear to be related, and his cryptocurrency advertising appears to be generating significant income.
Paul’s endorsement of Elongate, a memecoin with an Elon Musk theme, in May 2021 is the clearest evidence of this. He advertised the token at the time, saying it made him wealthy.
He even promoted it in a club that required a subscription, which increased the token’s value by 6,000%. He did, however, have an impact on the price of Elongate, according to the BBC article, even though this purpose was not confirmed.
Transaction History In Wallet Verifies Scamming History
An anonymous cryptocurrency wallet was linked to the boxer, according to the BBC article.
They discovered that Paul’s public wallet had moved money to the anonymous wallet in 2021, which led to this confirmation.
More significantly, this wallet included Elongate tokens on May 10, 2021, when Paul pushed the Elongate token.
This wallet and Paul’s Maverick Club even exchanged money, proving their relationship.
But this is only the beginning, because when Paul advertised it on X, saying that “it is going to the moon,” it also traded another token with a Musk theme.
Simultaneously, the wallet gained almost $160,000 worth of tokens, resulting in $120,000 in profits when the price increased over the course of 12 hours.
Logan Paul’s Crypto Scam Problems Are Not His First
This is not the first scandal surrounding Logan Paul, but these claims are merely allegations that have not been validated.
Logan is a party to a cryptocurrency lawsuit about the failure of the CryptoZoo project, which is a Non-Fungible Token.
The investor lost $4 million on Paul’s cryptocurrency scheme at the time.
Time magazine released a similar revelation in 2023 to the BBC, with a similar endorsement but in Dink Doink meme currencies and another anonymous wallet associated with Paul.
More significantly, after selling the Din Doink tokens, this anonymous wallet sent about $100,000 to Paul’s address.
To What Extent Are All Of These Accusations True?
Logan Paul resisted the BBC’s attempts to get in touch with him to talk about this issue, including sending a lookalike along with his crew to make fun of the interviewers.
This occurred when, following months of pursuit, journalist Matt Shea sought to speak with Paul for the impending BBC documentary, Logan Paul: Bad Influence?
All things considered, there is still no solid evidence that he was involved. Nonetheless, he is trending on social media due to the BBC’s accusations.
In any case, it’s crucial to remember that Paul’s attorney told the BBC that the memecoin sale had nothing to do with the transfers from the Dink Doink wallet.
According to the BBC, the attorney did not refute Paul’s affiliation with anonymous wallets and memecoin endorsements. Rather, he asserted that his profits were a meager $17,000.