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Youtuber and fighter Logan Paul is accused of manipulating the cryptocurrency market
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Influencer Logan Paul, known worldwide for his presence on YouTube and social networks, is facing new questions about his role in the cryptocurrency market.
According to recent documents analyzed by the BBC, Paul promoted investments without revealing financial interests in these projects. This raises suspicions that he has profited from influencing the market behavior of his followers.
Among the actions analyzed, the promotion of memecoins stands out. In 2021, Paul would have encouraged the purchase of the Elongate coin, associated with billionaire Elon Musk, in an exclusive video for his community of fans. After the release, the coin’s price increased by more than 6,000%. However, the price fell shortly afterwards.
Analysis reveals that an anonymous wallet, linked to Paul’s public wallet, purchased around US$160,000 in another Musk-related currency shortly before a tweet from the influencer, which predicted a rise. After the price increase, the same wallet sold most of the tokens. The sale generated an estimated profit of US$120,000.
Promotion of memecoins and suspicious profits
Paul also promoted the Dink Doink token, which promised dividends based on animated productions. Despite the influencer’s enthusiasm, the token’s value plummeted 96% in two weeks. An investigation by Time Magazine showed that a wallet linked to Paul sold Dink Doink tokens after the appreciation and sent $100,000 to his public wallet.
In addition to the controversial promotions, Paul faces a class action lawsuit involving his CryptoZoo project, which raised around $18.5 million. The game, based on NFTs, promised financial returns through the creation of digital hybrid animals.
However, technical problems and the devaluation of the Zoo token resulted in significant financial losses for investors. These investors claim to have made a total loss of US$4.2 million.
Leaked messages indicate that members of Paul’s team made purchases of Zoo Tokens before the public launch, characterizing a possible practice of privileged trading. Paul denies the allegations, attributing faults to other team members. Additionally, he announced a partial refund program for investors, conditional on the withdrawal of legal proceedings.
Youtuber and fighter Logan Paul is accused of manipulating the cryptocurrency market
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Youtuber and fighter Logan Paul is accused of manipulating the cryptocurrency market
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Youtuber and fighter Logan Paul is accused of manipulating the cryptocurrency market
