Popular Youtuber Logan Paul Accused of Making $120,000 in Deceptive Crypto Deal

On November 20, 2024By Pranco

Logan Paul, a popular American YouTuber and brother of Jake Paul, the boxer who just defeated Mike Tyson, has been accused of using his huge audience to profit from shady crypto deals.

According to a BBC reportLogan Paul, who has a whopping 23 million YouTube subscribers, promoted certain investments while hiding his interest in them. He reportedly influenced investment prices and sold tokens to collect profits.

New evidence reveals that Logan Paul made $120,000 with Elongate Memecoin

The BBC said it has uncovered new evidence that Logan Paul profited from promoting a meme coin that was robust. The BBC’s findings involved a wallet linked to the Known Logan Paul wallet, which acquired $160,000 worth of Elongate memecoin an hour before Logan Paul promoted the memecoin via a tweet.

After Logan Paul’s promotional tweet, new buyers rushed to increase the price of the token so that the wallet with fingers could sell all the tokens after 12 hours, making a profit of $120,000.

A Time Magazine report collaborated with the BBC report and found a similar pattern with another cryptocurrency and wallet.

Logan Paul added to the suspicion surrounding his involvement with a statement to his online community. The YouTuber exclaimed that Elongate the memecoin made him rich in a video shared with his closed Maverick club fan community.

“Elongated made me rich. Elon baby, let’s go!” Logan exclaimed

Attempts to hold Logan Paul accountable for the alleged crime have failed, with the Youtuber shunning the BBC for months.

The internet sensation eventually agreed to an interview in Puerto Rico, but instead a lookalike showed up and harassed the BBC team on site.

A legal notice from Logan Paul’s lawyer was later forwarded to the BBC warning them not to publish their findings.

Celebrity Memecoin Fraud

Logan Paul’s stint at Elongate memecoin joins a long list of celebrity-related memecoin scams that often follow the same pattern. A celebrity promotes a memecoin that he or she has a secret interest in, then sells all of his tokens once the memecoin’s price rises after new buyers respond to the celebrity’s promotion.

Davido and Sabinus launched their memecoins mid-year, which lost almost 90% of their value a few days after launch. Davido is accused of repeatedly issuing shitcoins, repeatedly exploiting his audience for quick profits.

On the foreign stage, celebrities like Iggy Azalea, Caitlyn Jenner and Andrew Tate all launched memecoins that have lost significant value. The credibility of celebrity-backed memecoins is at an all-time low following the unpleasant experiences of traders who supported the aforementioned tokens.

What you need to know

A rug pull refers to a scam in which a cryptocurrency or NFT developer promotes a project to attract investor funding, only to close or disappear, taking investor assets with it.
Logan Paul also has a drawstring suitcase over his head after his failed NFT project CryptoZoo.