Logan Paul accused of misleading followers: report

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As a seasoned analyst with years of experience in the digital market, I find myself increasingly skeptical when it comes to high-profile figures in the crypto sphere. The latest allegations against Logan Paul, following the CryptoZoo lawsuit, paint a picture of an individual who seems to have a knack for promoting meme coins without disclosing his financial interests.

Following the CryptoZoo lawsuit, recent reports from the BBC suggest that American YouTube personality Logan Paul may have deceived his followers. This is due to him advertising meme coins on his social media platforms and later selling them.

An article released by the BBC on November 20 delves extensively into Logan Paul’s activities within the cryptocurrency sector. The report presents fresh proof indicating that he may have endorsed investments, yet failed to disclose any personal monetary involvement.

According to the BBC’s report, it is claimed that Paul endorsed numerous speculative meme tokens and then swiftly disposed of them. As of now, Logan Paul has yet to issue a public statement regarding these accusations.

As an analyst, I found myself sharing a unique investment opportunity within my exclusive club – the Maverick Club – last May 2021. The focus of this particular promotion was a meme coin inspired by Elon Musk, which we called Elongate.

“Elongate made me rich. Elon baby let’s go!” said Paul in his video.

A short while later, the cost of Elongate skyrocketed more than 6,000%, peaking at a record high before swiftly falling in just hours. According to a BBC report, an unidentified wallet (potentially connected to Paul’s personal wallet) is said to have made approximately $120,000 by selling Elongate tokens.

In a similar vein, an incident occurred where Paul endorsed another cryptocurrency associated with Elon Musk, expressing his belief that its value would significantly increase, using the phrase “it’s bound for the stars.

Without revealing its identity, a wallet spent approximately $160,000 on meme coins just an hour prior to when Paul shared his post on social media. This sudden surge of buyers caused by the purchase led the coin’s price to skyrocket, reaching its maximum value.

In June 2021, Paul expressed his support for the meme coin known as “Dink Doink,” which is designed as a cartoon character resembling a metal coil. He shared this enthusiasm with his followers on X and in a Telegram group, stating that he had faith in the token, predicting, “this thing is about to take off.

As Time Magazine reports, it’s said that an unidentified individual purchased Dink Doink tokens before Paul’s promotion, then quickly sold them and later transferred a sum of $100,000 to a wallet suspected to be linked to Paul. However, Paul’s legal team clarified that while the wallet might indeed belong to him, the transfer of $100,000 had no connection with Dink Doink.

According to reports, the BBC attempted multiple times to arrange an interview with Paul and his group, but these requests were consistently declined. Eventually, Paul consented to the interview, which was scheduled to take place at his gym in Puerto Rico. However, when the BBC team arrived for the interview, they encountered a Logan Paul impersonator and were met with boos from the crowd instead.

Prior to these allegations, Paul found himself in a difficult situation following his foray into the crypto world with CryptoZoo, which subsequently led to a large-scale lawsuit worth millions of dollars. Paul has consistently refuted all claims concerning his involvement in CryptoZoo. Instead, he pointed fingers at other team members, claiming they fell short in delivering the promised features.

On the 4th of January, Logan Paul declared his intention to invest over $2.3 million in repurchasing Non-Fungible Tokens (NFTs) acquired through CryptoZoo. He explained that he would reimburse each player with approximately 0.1 Ether (ETH) for every NFT they had purchased.

He clarified that the buy-back isn’t meant to reimburse individuals who wagered on the cryptocurrency market and incurred losses. Instead, he emphasized that CryptoZoo was not designed as an investment tool. Remarkably, a similar recovery strategy valued at $1.3 million was presented by Paul in 2023.

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2024-11-20 17:30