Logan Paul faces criticism over recent cryptocurrency dealings. Concerns arise about potential profit from misleading fans regarding investments.
Evidence suggests he promoted coins without disclosing financial interests.
His influence reportedly caused price spikes, prompting accusations of benefiting from token sales.
Paul is also involved in a lawsuit tied to his failed project, CryptoZoo, and denies any wrongdoing.
Recent investigations reveal connection between Paul’s public wallet and anonymous wallets trading cryptos shortly after his promotions.
In 2021, one wallet made a $120,000 profit after reacting to one of Paul’s tweets.
Social influencers
The controversy highlights the role of social media influencers in cryptocurrency markets, with significant price movements driven by their endorsements.
Paul promoted high-risk “meme coins,” resulting in massive price fluctuations, including a 6,000% rise in the coin Elongate after his endorsement.
Further analysis of trading patterns revealed similar profits from another meme coin, Dink Doink, before it crashed.
Celebrities face scrutiny for promoting crypto without clear financial disclosures.
Paul is also under legal pressure related to CryptoZoo, a project with significant investor losses.
He claims to have some plans for compensation while attributing failures to team members.
Despite the controversies, Paul still retains a robust following, expanding into boxing, wrestling, and product ventures.
