Logan Paul may have found himself in hot water after a Twitter thread by self-proclaimed "2D detective" Zachxbt gained traction on May 13, 2022, accusing the YouTube star of being involved in multiple crypto pump and dump schemes.
Logan Paul has been a vocal supporter of the next-generation internet movement (dubbed Web 3), as evidenced by his public endorsement of decentralised blockchain technologies such as cryptocurrencies and non-fungible tokens (NFTs).
According to Twitter user Zachxbt, Logan Paul has 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 cryptocurrency pump and dump scams.
Logan Paul is involved in cryptocurrency pump and dump schemes.
"Using Logan's public NFT address (0xff0), I mapped out where he has moved funds in the past," Zachxbt explained. Zachxbt continued, adding, "Interestingly enough, this lead (sic) to multiple addresses that have frequent outflows/inflows to his public address."
Zachxbt explained that Logan Paul allegedly "bought three CryptoPunks," which he then transferred to his public address, using the "0xb74" alternative wallet address as an example. "Multiple other NFTs had been transferred there as well," Zachxbt explained, before adding that it was also the address used to fund Logan's public wallet.
Zachxbt then explained how Logan's public address was used to fund a third alternative wallet, "the most important wallet of them all," 0xd3c. As a result, Zachxbt claims to have "multiple transactions between them" and to have received funds from Logan Paul's Maverick NFT project. "This is where all the shady transactions start," Zachxbt explained.
Logan Paul and $ELON, for example.
In the first case, Zachxbt claimed that Logan Paul knowingly hyped the Elongate ($ELON) crypto coin on his Maverick Private Page on May 10, 2021. Logan Paul eventually closed his position on May 17th, 2021, with a profit of $112,000, a move Zachxbt called a "blatant pump and dump."
Logan Paul and the $FUCKELON
In another case, Zachxbt stated, "Logan promotes another pump and dump on May 17th, 2021. His purchases occur immediately before the Tweet and he sells 12 hours later for a total profit of $116,000." Zachxbt also mentioned that the $FUCKELON coin's Twitter account hasn't tweeted since May 27th, 2021.
Logan Paul and the EMAX token
In a third instance, Zachxbt claimed that Logan Paul received free crypto tokens from EMAX ahead of his boxing match with Floyd Mayweather last June, which he later "sold for $71.8k." The event, which was "heavily sponsored by EMAX," is currently being sued by investors for allegedly defrauding them.
This isn't the first time an influencer has been accused of being involved in a crypto pump and dump. Frazier "Kay" Khattri, a former FaZe Clan member, was accused of pumping and dumping the Save The Kids "charity token" last year.
Logan Paul was previously called out by YouTube detective Coffeezilla for his Dink Doink crypto "pump and dump" project, according to Zachxbt, who also criticised how "Logan's other crypto project CryptoZoo blacklisted holders when they migrated contracts."
"It's disgusting to see yet another large influencer repeatedly hurt their followers. Logan will undoubtedly claim that he was not at fault [or] was misinformed, but when do you accept responsibility for your actions?" Zachxbt stated.
Logan Paul has yet to respond to the allegations in a formal statement. We will try to keep you updated on any new developments in this story.
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