What’s Behind Logan Paul’s Controversy Alleged in Crypto Scam?

With the rising crypto scams, many popular influencers are also dragged into similar situations. A few social media accounts got hacked, whereas some intentionally promoted scamming cryptos. Now, the popular YouTuber and boxer Logan Paul is in controversy after the BBC accused him of a crypto scam. BBC claimed that he has hidden his personal interest while promoting crypto tokens on social media.

Logan Paul Involved In $100K Crypto Scams

It has not been long since the experts revealed Mr. Beast’s crypto scam, but now netizens are shocked by another big YouTuber’s involvement in similar offenses.

BBC, the British News service provider, claims that Paul has misled his 23 million YouTube followers by promoting a self-interested cryptocurrency in 2021. More importantly, he has earned more than $100,000 after pumping the token price with his endorsements.

As per BBC, there is an apparent connection between Paul and crypto wallets, which shows signs of making heavy profits with his 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 that it made him rich. He even endorsed it in a subscription-only club, pushing the token price by 6,000%. However, the BBC report also cleared that though this intention is not proven, he did influence the Elongate price.

Wallet Transaction History Affirms Scamming History

The BBC report found a connection between an anonymous crypto wallet and the boxer. This confirmation came after they realized that Paul’s public wallet transferred funds to the anonymous wallet in 2021. More importantly, when Paul promoted the Elongate token on May 10, 2021, this wallet was holding Elongate tokens. Even Paul’s Maverick Club shared funds with this wallet, confirming the connection between the two.

However, this is just the beginning, as it also traded another Musk-themed token when Paul promoted it on X, claiming that, ‘it is going to the moon.’ At the same time, the wallet acquired around $160,000 worth of tokens, which made the wallet $120,000 in profits after the price grew within 12 hours.

Not the First Crypto Scam Trouble For Logan Paul

Though these statements are only accusations and not proven, this is not the first Logan Paul controversy. Logan is involved in a crypto lawsuit regarding the CryptoZoo, a Non-Fungible Token project’s failure. At that time, the investor lost $4 Million in Paul’s crypto project.

Similar to the BBC’s finding, Time magazine also published a similar finding in 2023, involving 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 selling the Din Doink tokens.

How True Are These All Allegations?

Despite BBC’s attempts to connect with Logan Paul to discuss this matter, the YouTuber backed down and even sent a lookalike with his team to mock the interviewers. This happened when journalist Matt Shea went to interview Paul after months-long chase for the upcoming BBC documentary, Logan Paul: Bad Influence?

Overall, there is still no conclusive proof confirming his involvement. However, with the BBC allegations, he is trending on social media. Regardless, one important point to note is that, during the BBC and Paul’s lawyer’s interaction, the lawyer claimed that the Dink Doink wallet transfers were unrelated to the memecoin sale. For that, BBC claimed the lawyer did not deny Paul’s connection with memecoin endorsements and anonymous wallet. Instead, he claimed that he had only made $17,000 in profits.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.