Logan Paul Accused of Deceiving Fans About Cryptocurrency
Date: 2024-11-21 Author: Gabriel Deangelo Categories: IN WORLD
A BBC investigation found that Paul promoted cryptocurrencies without disclosing his interest, which likely impacted their value. His mentions in videos and on social media caused prices to spike, which could then crash. In one case, an anonymous wallet linked to Paul made $120,000 from such transactions.
Meme Tokens and Speculation
In 2021, Paul began actively promoting “meme tokens” — volatile cryptocurrencies based on internet memes. These assets have no real value, making them extremely risky to invest in.
One such token was Elongate, which Paul promoted in his private Maverick Club. After his words, the token price jumped by 6,000%, but soon fell sharply.
Journalist Will Gottsegen notes that the crypto market often depends on the influence of celebrities. The purchase of tokens by individuals like Paul pushes their audience to similar actions, which causes temporary price spikes.
Investigation and conclusions
The BBC found that the anonymous wallet that received funds from Paul's public wallet actively traded tokens before their promotion by the blogger. Such transactions allowed the owner to earn large sums due to the rise in prices.
Paul refused to discuss these allegations, but continues to deny any guilt.
