(Source : BBC) Logan Paul, the YouTube star and social media influencer, is under fresh scrutiny for his role in promoting cryptocurrency projects, with new evidence suggesting he may have profited from misleading his millions of fans.
The BBC uncovered evidence indicating that Paul promoted certain cryptocurrencies without disclosing his financial stake, potentially manipulating market prices and profiting from the surge in value that followed his endorsements. One such example occurred in 2021 when Paul tweeted about a Musk-themed meme coin, shortly before a crypto wallet closely linked to him made a $120,000 profit. The wallet had been funded by Paul’s public crypto account.
Paul, whose YouTube channel boasts over 23 million followers, has built a reputation for promoting meme coins—high-risk tokens often tied to internet trends—such as Elongate, which saw its value spike by 6,000% after Paul’s endorsement. The value, however, crashed soon after, a pattern that repeated with other projects Paul promoted, including Dink Doink.
Despite his legal team denying any wrongdoing, the BBC’s investigation reveals that Paul’s promotion of these coins might have triggered rapid price increases, leading to suspicions that Paul and those connected to him may have sold their holdings at the peak. These actions raise concerns about whether his influence was used to manipulate the market for personal gain.
In addition to these allegations, Paul is currently facing a multi-million-dollar lawsuit over his failed cryptocurrency project, CryptoZoo, a game that promised users passive income through NFTs (non-fungible tokens). Investors claim they lost millions due to the project’s failure to deliver on promises, while leaks suggest Paul’s team may have engaged in insider trading during the initial coin offering (ICO).
While Paul has repeatedly denied any fraudulent activity and has placed blame on others, including his team, he has faced backlash for his handling of both CryptoZoo and his cryptocurrency promotions. Fans and investors, some of whom lost substantial sums, are now questioning his credibility, especially after several high-profile failures in the crypto space.
Paul, who has diversified into boxing, wrestling, and business ventures like his Prime hydration drink with fellow influencer KSI, continues to enjoy immense popularity. However, for some fans, his involvement in controversial crypto ventures has tarnished his reputation. “Once you listen to someone and trust what they’re saying and they betray that trust,” said one disillusioned investor, “their words don’t mean anything to you anymore.”
As investigations into Paul’s crypto dealings continue, the influencer’s legal battles and public image remain at the center of a growing controversy.
