Logan Paul has become the subject of controversy once again, this time involving a previous cryptocurrency endorsement.
In a new report by the BBC, the influencer and WWE star allegedly promoted the investments to his fans without stating that he already had a stake in the company. As a result, the value of the cryptocurrency significantly spiked and there are accusations that Paul profited from sales as a result.
The BBC understands that prior to Paul posting about a certain cryptocurrency on his social media in 2021, an account with “close connections” to his public wallet also traded the currency. The anonymous wallet made $120,000 (£92,000) profit as a result following the endorsement. The currency in question was Elongate, an Elon Musk themed meme coin that shot up in value when Paul claimed that it was about to go “to the moon”, meaning that the value was going to spike.
It is also stated that Paul is facing legal action over the failed Blockchain game CryptoZoo, which promised a blend of cryptocurrency and NFTs within the game. More than 130 investors are said to be involved in the lawsuit, who claim they have collectively lost $4.2m (£3.25m).
Paul has denied any wrongdoing.
A documentary is now available on the BBC iPlayer service to present its findings titled Logan Paul: Bad Influence? It is noted within the article that although the BBC attempted to reach out to Paul, the influencer refused to comment for months. However, just as it appeared that progress had been made as a meeting had been set up, the crew were instead met with a Paul lookalike and a crowd shouting abuse at the team.
The BBC were then issued with a letter on behalf of Paul, which was said to be a warning “of the possible consequences” if their findings were published.
When Will Logan Paul Return To WWE?
Paul was last seen in the combat sports world to support his brother Jake Paul in his fight against boxing icon Mike Tyson. In the professional wrestling world, Paul was last seen at SummerSlam and dropped the United States Championship to LA Knight. No return date for Paul has been announced at the time of writing.