On-chain detective Zachxbt once again made headlines with a thread about Logan Paul and accusations of shady dealings in the crypto space. Paul Logan allegedly hyped and dumped crypto projects like DinkDoink, EthereumMax and others.
In this thread, the anonymous detective revealed some of the potential scams Logan Paul allegedly participated in based on his trading records.
Zachxbt discovered this through Paul’s public address, 0xff0, thereby exposing how funds were transferred in and out from several other addresses. For example, 0xb74 transferred several NFTs, including 3 CryptoPunks, to the main public address.
According to Zachxbt, Logan Paul promotes multiple pump and dump schemes over the course of a year. The first is the ELON token that he inflated in a leaked video from his site.
The video was leaked on May 10, 2021. By May 17, blockchain records show that Logan sold the token and earned $112k. The next project Logan hyped about was FUCKELON. It looks like he bought it right before tweeting the coin is “mooning.” Then he sold and made $116k.
“Case 2: On 5/17/21 Logan promotes another pump and dump. His buys happen right before the Tweet and dump 12 hrs later for a $116k profit in total. The Twitter account for the coin hasn’t tweeted since 5/27.”
Logan Paul also touted Ethereum Max tokens during his boxing match against Floyd Mayweather. Logan received a free token from the project and sold it for $71,800. Ethereum Max also received a lot of “wings” from other celebrities such as Mayweather and Kim Kardashian. Those who bought the token are now suing the developer and promoter of this failed project.
Another pump and dump scheme he was involved in was the bankrupt cryptocurrency project DinkDoink. Again, he exaggerates with videos and tweets, but it turns out he’s the one who made it.
In addition to the crypto pump and dump schemes, KOL also attracts followers to many NFT projects. One of them is the CryptoZoo project – which are images in Adobe’s archives photoshopped to extend the character’s nose.
While the general nature of the art causes fewer problems, the project has blacklisted many holders after switching contracts. As for Logan Paul, he claims this is a technical issue that has been fixed, but many investors have yet to receive their NFTs.
If the above allegations are true, it means that Logan Paul, on behalf of the Crypto KOL team, takes advantage of the trust of followers to polish worthless tokens for his own gain.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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