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Zachxbt, the on-chain sleuth, has struck again with a thread on Logan Paul and his alleged litany of dodgy crypto operations.
Based on Logan Paul's transaction history, the fictitious detective outlined in the thread a number of alleged frauds in which Logan Paul may have participated.
1/ A thread on @LoganPaul and his sketchy track record in the Web 3 space thus far. pic.twitter.com/wNmyw5TyFb
— ZachXBT (@zachxbt) May 13, 2022
Using Paul's public address, 0xff0, he was able to determine how monies were transferred in and out of multiple other addresses. 0xb74 sent multiple NFTs, including three CryptoPunks, to the primary public address.
Over the course of a year, according to Zachxbt, Logan Paul advocated multiple pump-and-dump scams. The first is the ELON token, which he promoted in a page-leaked video.
The video was leaked on May 10, 2021, and by May 17, 2021, according to blockchain records, Logan had sold his token allotment. He profited $112k from the sale.
In what appears to be an obsession with Tesla's CEO, Logan pitched $FUCKELON as his next initiative. It appeared like he purchased it just before tweeting that the coin is surging. Then he sold the tokens, earning $116k in the process.
5/ Case 1: On 5/10/21 a video got leaked from the Maverick Private Page (behind the scenes content for Logan) hyping up ELON.
— ZachXBT (@zachxbt) May 13, 2022
He finishes selling on 5/17 and in total $112k from this blatant pump and dump. https://t.co/zkJGXZ4eeW pic.twitter.com/UOn9XwDfI4
During his boxing battle with Floyd Mayweather, Logan Paul endorsed the Ethereum Max coin. He cashed out his complimentary tokens from the project for $71,800.
The same token received endorsements from celebrities such as Mayweather and Kim Kardashian. Those who purchased tokens are currently suing the project's developers and promoters.
Another pump-and-dump scheme in which he participated was the disastrous DinkDoink cryptocurrency initiative. Again, he promoted the currency with videos and tweets, but the coin turned out to be his invention.
In addition to crypto pump-and-dump schemes, the influencer also exploited his audience with non-fungible token (NFT) schemes. One of these was the CryptoZoo project, which consisted of Adobe stock images with nose manipulation.
9/ Logan’s other crypto project CryptoZoo blacklisted holders when they migrated contracts.
— ZachXBT (@zachxbt) May 13, 2022
In an interview with The Block, Logan claimed the initial team was problematic but it is all rectified.
People like Bagsy still haven’t received anything despite following instructions pic.twitter.com/57KeVEr68H
Even if the general nature of the artwork poses less of a problem, the project had blacklisted holders after contract migration. However, Logan Paul claimed that this was a technical issue that has since been resolved, but many investors have yet to get their NFTs.
If the charges are true, Logan Paul would be representative of crypto influencers who use their followers' trust to sell worthless coins for profit.
