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Zachxbt alleges Logan Paul is behind a number of crypto “pump and dump” schemes

Zachxbt alleges Logan Paul is behind a number of crypto “pump and dump” schemes thumbnail
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On-chain sleuth, Zachxbt, has struck once more with a thread on Logan Paul and his alleged litany of shady dealings inside the crypto area. 

In the thread, the pseudonymous detective revealed among the potential scams Logan Paul has allegedly been concerned in based mostly on his transaction data.

1/ A thread on @LoganPaul and his sketchy monitor file within the Web 3 area to date. pic.twitter.com/wNmyw5TyFb

— ZachXBT (@zachxbt) May 13, 2022

He was in a position to do that utilizing Paul’s public handle, 0xff0, from which he mapped out how funds have been moved out and in from a number of different addresses. For instance, 0xb74 transferred a number of NFTs, together with 3 CryptoPunks, to the principle public handle.

Source: ZachxbtZachxbt wrote that Logan Paul had promoted a number of pumps and dump schemes over the course of a 12 months. The first is the ELON token which he hyped in a leak video from his web page.

The video leaked on May 10, 2021, and by May 17, blockchain data present Logan had bought his allocation of the tokens. He made $112k off the sale.

In what seems to be an obsession with the Tesla CEO, the following undertaking Logan promoted was $FUCKELON. It appeared he purchased it proper earlier than tweeting that the coin is mooning. Then he dumped the tokens, making $116k from the sale.

6/ Case 2: On 5/17/21 Logan promotes one other pump and dump. His buys occur proper earlier than the Tweet and dump 12 hrs later for a $116k revenue in complete.

The Twitter account for the coin hasn’t tweeted since 5/27. pic.twitter.com/b3gGqfuKmV

— ZachXBT (@zachxbt) May 13, 2022

Logan Paul additionally promoted the Ethereum Max token in his boxing match with Floyd Mayweather. He acquired free tokens from the undertaking and cashed them out for $71.8k.

The identical token acquired promotions from different celebrities like Mayweather and Kim Kardashian. Those who purchased the tokens are presently suing the builders and promoters for the failed undertaking.

Another pump and dump scheme he acquired concerned in was the failed DinkDoink crypto undertaking. Again, he hyped the coin with movies and tweets, but it surely turned out that the coin was his creation.

Beyond the crypto pumps and dumps schemes, the influencer additionally milked his followers with non-fungible tokens (NFT) initiatives. One of them was the CryptoZoo undertaking which was Adobe inventory footage with nostril photoshop.

9/ Logan’s different crypto undertaking CryptoZoo blacklisted holders after they migrated contracts.

In an interview with The Block, Logan claimed the preliminary crew was problematic however it’s all rectified.

People like Bagsy nonetheless haven’t obtained something regardless of following directions pic.twitter.com/57KeVEr68H

— ZachXBT (@zachxbt) May 13, 2022

While the generic nature of the artwork is much less of an issue, the undertaking had blacklisted holders after migrating contracts. Logan Paul, nonetheless, claimed that this was a technical downside that has been rectified, however many traders are but to obtain their NFTs.

If the allegations are true, it will imply Logan Paul represents the crop of crypto influencers who capitalize on the belief of their followers to shill nugatory tokens and earn money.

Oluwapelumi Adejumo Journalist at CryptonomieOluwapelumi is a believer within the transformative energy Bitcoin and the blockchain trade holds.

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