Jake Paul’s crypto scams exposed by CoffeeZilla Safemoon lawsuit

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Jake Paul’s crypto scams exposed by CoffeeZilla Safemoon lawsuit

BusinessJake Paul's crypto scams exposed by CoffeeZilla Safemoon lawsuit

CoffeeZilla, a YouTuber known for exposing crypto-scams by influencers, released a brand new video on Monday. The video talks about allegations that Jake Paul engaged in multiple pump-and-dump and rug pull scams over the past couple of years. These allegations were originally revealed in a new Class Action lawsuit against Safemoon that names Jake Paul, Soulja Boy, and Nick Carter as defendants.

Paul is being sued for promoting Safemoon. But according to CoffeeZilla, Paul may have been involved in more crypto schemes that were designed to make money for him and the YouTuber. They say that Paul was involved in as many as five crypto schemes, including Safemoon, League of Sacred Devils, Yummy, StickDix, and MILF. Together these scams are estimated to have made $2.23 million dollars.

“Many people are probably wondering if I am making this video to make sure Jake Paul loses this lawsuit,” Coffeezilla said in the introduction of his video. “I want to be clear. Absolutely not, that was never the intention. It was just a happy accident.” 

Twitter user Blamebootsy helped CoffeeZilla track down several of Jake Paul’s apparent crypto promotions. The wallet that they traced it back to appears to be Jake Paul’s end destination for all of his crypto-schemes.

Zilla alleges that Jake Paul began promoting a project called Sacred Devils which caused people to lose money. He is also said to have funded a separate, now-abandoned project called Stickdix from the same wallet. This allegedly brought in $1.55 million dollars before the project was abandoned.

Zilla looked at the people who received free Safemoon from Jake Paul on the same day that he promoted it. They found one person who received a lot of Safemoon right before Jake’s promotion. This person then cashed out the Safemoon to a wallet called “ProblemChild.” This wallet is also linked to Jake’s promotion of MILF token and yummy token, both of which were also reportedly promoted without an ad disclosure.

“This would have been a good plan,” Zilla concluded, “except that every time he cashed out, he did it at the same wallet, the ProblemChild wallet. But that was his mistake. Because by building enough evidence against himself, eventually, it became very strong.”

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Paul was promoting crypto projects without ever saying that they were ads. He was paid for this work. This is against the rules set by the Federal Trade Commission. Paul made over $2 million from these promotions. People who followed Paul’s advice lost money when the value of these projects went down soon after Paul promoted them. Not long after, the CEO of Safemoon stepped down and the coin drilled into the earths core.

Paul might have to pay money because he promoted Safemoon. We will have to wait and see if he is found liable for his actions related to Safemoon.