Internet sensation Logan Paul may have found himself in hot water after a Twitter thread on 13th May 2022 by self-proclaimed "2D detective" Zachxbt gained traction, accusing the YouTube star of being involved in multiple crypto pump and dump schemes.
It's no surprise that Logan Paul has been a strong proponent of the next-generation internet movement (dubbed Web 3), as evidenced by his public support for decentralized blockchain technologies, including cryptocurrencies and non-fungible tokens (NFTs).
However, Twitter user Zachxbt claims that Logan Paul has had a "sketchy track record in the Web 3 space thus far," using his fame and influence to take advantage of his loyal followers in at least three crypto pump and dump scams.
Logan Paul involved in crypto pump and dump scams
Zachxbt explained, "Using Logan’s public NFT address (0xff0), I mapped out where he has moved funds to in the past." Zachxbt continued, adding, "Interestingly enough, this lead (sic) to multiple addresses that have frequent outflows/inflows to his public address."
Using the "0xb74" alternative wallet address as an example, Zachxbt explained that Logan Paul allegedly "bought three CryptoPunks," which he then transferred to his public address. "Multiple other NFTs had been transferred there as well," Zachxbt said before noting that it was also the same address used to fund Logan's public wallet.
Zachxbt then explained how a third alternative wallet, "The most important wallet of them all being 0xd3c," was first funded by Logan’s public address. Accordingly, Zachxbt alleges that it "has multiple transactions between them" and received money from Logan Paul's Maverick NFT project. "This is where all the sketchy transactions begin," Zachxbt said.
Case 1: Logan Paul and $ELON
In the first case example, Zachxbt alleged that Logan Paul knowingly hyped the Elongate ($ELON) crypto coin on 10th May 2021 on his Maverick Private Page. Logan Paul later closed his position on 17th May 2021, with a profit of $112,000, a move Zachxbt branded a "blatant pump and dump."
Case 2: Logan Paul and $FUCKELON
In another case example, Zachxbt said, "On [17th May 2021] Logan promotes another pump and dump. His buys happen right before the Tweet and dump 12 hrs later for a $116k profit in total." Zachxbt added that the Twitter account for the $FUCKELON coin hasn’t tweeted since 27th May 2021.
Case 3: Logan Paul and EMAX token
In a third case example, Zachxbt alleged that Logan Paul received free crypto tokens from EMAX ahead of his boxing match with Floyd Mayweather in June last year, which he later "sold for $71.8k." The event was "heavily sponsored by EMAX" and is currently being sued by investors for allegedly scamming people.
This latest accusation of an influencer being involved in a crypto pump and dump isn't the first. Last year, former FaZe Clan member Frazier "Kay" Khattri was implicated in pumping and dumping the Save The Kids "charity token."
Zachxbt maintains that Logan Paul was previously called out by YouTube detective Coffeezilla for his Dink Doink crypto "pump and dump" project and criticized how "Logan’s other crypto project CryptoZoo blacklisted holders when they migrated contracts."
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"It's disgusting to see yet another large influencer hurt their followers time after time again. I'm sure Logan will claim to be not at fault [or] misinformed, but at what point do you actually take some sort of accountability for your actions?" said Zachxbt.
Logan Paul has yet to issue a formal statement in response to the allegations. We will endeavor to update you regarding further developments related to this story.
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Featured image courtesy of YouTube / Logan Paul and Unsplash.