Logan Paul accused of misleading fans over crypto investments
American Influencer and professional wrestler Logan Paul is currently a target of controversies over his cryptocurrency investments as concerns rise that he might have been profited from misleading fans, reported BBC.
According to the new evidence, Paul has promoted investments without disclosing he had a financial interest in them, according to BBC.
The popular social media influencer has over 23 million followers on YouTube. His influence has led to a spike in investment prices, leading to suggestions he could have profited from sales of any tokens he held.
Moreover, he is also facing a multi-million-dollar lawsuit over a failed crypto project called CryptoZoo. However, he has denied any wrongdoing.
BBC revealed that shortly after Paul took to X, and posted about a particular crypto coin in 2021, an anonymous crypto wallet with close connections to his public wallet had traded in the coin. The anonymous wallet went on to make a $120,000 (£92,000) profit.
BBC’s findings comes after Time Magazine reported a similar activity involving a different cryptocurrency and another anonymous wallet.
Paul has been refusing to talk to the BBC about the ongoing investigation. Later, he appeared to relent and invited the BBC to interview him at his gym in Puerto Rico.
Paul was sent a list of the allegations BBC wanted him to respond to. His PR team requested the BBC crew to travel to the Caribbean island, so he could answer in person.
Later, when the BBC crew arrived at Paul’s gym, a Logan Paul lookalike turned up in his place, shortly followed by a crowd shouting abuse about the BBC.
After abandoning the interview, the British public service broadcaster received a lawyer’s letter on behalf of Paul, warning them of possible consequences if the findings were published.
Tech journalist Will Gotsegen said that crypto is a market-driven to some extent by social media and influencers, adding, “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.”
(With inputs from agencies)