30s Summary

Social media influencer Logan Paul is accused of profiting from cryptocurrency promotions without disclosing his stakes in them. The controversy revolves around questionable crypto transactions and ethical issues pertaining to digital coins he’s promoted to his followers, such as Elongate and Ink Doink. A BBC investigation hints at a clandestine crypto wallet buying up tokens before they were promoted by Paul, who subsequently sold them at inflated prices. Paul’s abandoned digital art project, CryptoZoo, has also drawn legal issues, with about 130 investors suing Paul and claiming over $4 million in losses.

Full Article

Social media star Logan Paul is under fire for allegedly making money off cryptocurrency promotions without letting people know about his personal financial stakes in them. The allegations tie Logan to some dodgy crypto transactions and ethical problems related to the risky digital coins he’s been bigging up to his followers, like Elongate and Ink Doink. He even promoted his own failed digital art project, CryptoZoo, which some people found a bit dodgy.

BBC tried to chat to Logan about this, but got messed about with some offbeat tricks like a Logan lookalike standing in for the real deal and a fake protest. His lawyers say this is all a load of rubbish and have warned against spreading these accusations, but the controversy is getting bigger as more young people get into crypto.

According to the BBC investigation, Logan might be linked to a secret crypto wallet. This wallet bought up tokens before Logan promoted them to his whopping 23 million YouTube followers. After the promotions made the price shoot up, the tokens were then sold off, making a load of profit. One example is when Logan spoke highly of a digital coin called Elongate which, after having been bought by the secret wallet, turned a $120,000 profit when sold following the promotion.

Things took a weird turn when BBC tried to interview Logan with a list of these allegations. They noticed loads of cameras pointed at them during the visit to a gym Logan co-owns with his brother in Puerto Rico, and when they asked to speak to the real Logan, a bunch of people started shouting offensive things at them.

To top everything off, Logan is also involved in a huge legal mess about his abandoned digital art project, CryptoZoo. Many people who invested in it are pretty unhappy, saying they lost money when it failed to deliver on promises. In total, at least 130 people are suing Logan, saying they lost more than $4 million because of this project. Logan has said he’ll buy back the digital art from investors at the original price, but with the condition that they can’t then sue him or CryptoZoo for more money.