Key Points
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Jake Paul is “Poor” after “he put it all in crypto”, said his brother Logan citing recent crypto market downside.
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Paul has promoted a number of rug-pulls/crypto scams, which could have lost him money.
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But he is a known fan of Bitcoin and Dogecoin, which could claw his wealth back in the future.
Jake Paul Is “Poor” After “He Put It All In Crypto”, Says Brother Logan
While no one but social media superstar turned professional boxer Jake Paul and potentially some members of his inner circle know the true value of his crypto holdings, he is apparently now “poor”, his brother Logan Paul, who is also a social media sensation, said in a podcast in May.
Jake ranked as the 6th highest-paid athlete under the age of 2025 in 2021 after raking in just shy of $40 million from his fights throughout the year. But Logan said that “he put it all in crypto” and, given the cryptocurrency markets decline from its 2021 highs, Jake’s investments are likely trading well in the red.
Jake is not the only social media star to have lost money in crypto. Logan Paul admitted on his podcast in May that he had lost more than $500,000 by investing in the ill-fated Luna token, while fellow YouTube star KSI had lost about $3 million in the same investment.
Jake has also been under scrutiny in 2022 for shilling a number of Non-Fungible Token (NFT) and crypto rug pulls, where projects make big promises to would-be investors, take their money, then fail to deliver. Perhaps this is a sign that, with his crypto investments sitting so far underwater, Jake is feeling the pinch and looking for alternate sources of income.
Pseudo-anonymous crypto sleuth Coffeezilla has reportedly been able to connect Paul to crypto promotions and projects totaling $2.2 million.
The Outlook For Jake Paul’s Crypto Investments
While Paul has made substantial sums by promoting often doomed crypto projects, there is every chance that he sunk some portion of his fortune into these schemes, not realizing the scam at hand. In that sense, his losses could be ugly.
But Jake is known to have been a long-time fan of what has so far proven to be crypto’s safest bet, Bitcoin. He has in the past claimed that he invested his entire earnings from his first Vine brand deal in the world’s largest cryptocurrency by market capitalization back when …….
Source: https://finance.yahoo.com/news/jake-paul-cryptocurrency-investments-stand-183918850.html