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Logan Paul has been deeply involved in the cryptocurrency world, but his ventures have often been controversial. A BBC investigation alleged that he is connected to potentially suspicious activity tied to an anonymous crypto wallet linked to him. The report states this wallet executed trades on a cryptocurrency shortly before Paul publicly endorsed the coin in 2021.
The timing of the transactions raised concerns, as the wallet reportedly made a profit of $120,000. The report also includes a statement from tech journalist Will Gotsegen, who claims that Logan's influence on social media may mislead fans:
"A big guy with a lot of influence... someone like Logan Paul, buys a tonne of crypto and tells their followers about it. They're going to buy it too."
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His most notable project, CryptoZoo, launched in 2021 as an NFT-based game promising users a chance to "earn money while having fun." The concept involved purchasing "egg NFTs" that would hatch into collectibles, which could then be traded to create hybrid creatures of higher value.
However, the project fell apart due to technical failures and alleged mismanagement, leading to significant financial losses for many investors.
Exploring Logan Paul's Cryptocurrency Controversy
The entire CryptoZoo controversy was covered by YouTuber Coffeezilla, who claimed the entire program was a scam. The YouTuber's investigative series highlighted unfulfilled promises, the project's collapse, and alleged misuse of funds. In response, Paul denied the allegations and blamed other team members. He also filed a lawsuit against Coffeezilla for defamation.
Logan's interest in crypto sparked with "meme coins" back in 2021. These meme coins are high-risk and are often associated with popular memes, characters, or animals to attract buyers.
One such coin that Paul took a keen interest in was "Elongate". According to the BBC report, on May 10, 2021, Paul promoted Elongate through his subscription fan club, Maverick Club, declaring it made him rich.
His endorsement caused a 6,000% price surge, but the token quickly crashed after the brief peak. Before the surge, an anonymous wallet purchased a significant amount of Elongate just to dump it all after it reached its peak price in the market, leading to an alleged profit of over $120,000.
The report claims that the crypto wallet appeared to have "close connections" to Logan Paul. He has declined to directly address the allegations about the anonymous wallet or its trading activity, though his legal team has responded to some media inquiries.
In other news, Logan Paul, KSI, and MrBeast recently visited India to launch PRIME and Feastables.
