YouTuber Coffeezilla is known for exposing influencers involved in shady scams and schemes. He has now made a video accusing Jake Paul of tricking his young audience with NFTs and crypto.
Jake Paul has now been dabbling in the crypto industry for years and has more recently dipped his toes into the NFT marketplace, which has led him to some questionable situations. Jake Paul was one of the influencers sued along with SafeMoon LLC for making “false or misleading statements” to investors on social media about the SAFEMOON Token.
These tokens were purchased between March 8, 2021 and February 17, 2022, but the crypto company is said to have been a pump-and-dump scheme, similar to ones like Save The Kids. In a pump-and-dump scheme, social influencers get involved in branding a token which causes investors to buy at inflated prices before the influences sell their own positions and profit at the expensive at their fans who have bought in.
Coffeezilla said in a recent investigative video that there are even more scams behind the scenes that most people still aren’t aware of.
Coffeezilla exposes Jake Paul crypto scams
Coffeezilla started by discussing Jake Paul’s public crypto wallet. This includes the alleged Sacred Devil promotional scam that gave Paul nearly $140,000. This was linked to another potential NFT scam in which Paul got his fans to buy Sacred Devil NFTs, which Coffeezilla said led to all those involved “suffering near-total losses.”
Jake Paul also funded a separate NFT project called Stickdix from the same wallet he used for Sacred Devils. This since-abandoned project brought in $1.55 million for Jake Paul.
These were on Jake Paul’s public wallet. Coffeezilla also found some “secret” wallets said to be owned by Jake Paul that showed who received free Safemoon on the same day Paul promoted it last year. According to Coffeezilla, his wallet received 54 trillion Safemoon the day of the promotion, which was rapidly cashed out to a wallet called “ProblemChild.” That same wallet is also linked to Paul’s promotion of the MILK and Yummy token.
In each of these instances, Jake Paul never disclosed that he was a paid influencer and that he was promoting an advertisement for these companies.
How much money did Jake Paul make from crypto scams?
According to Coffeezilla’s recent video, Jake Paul made a hefty sum from his involvement in these questionable companies.
Paul made $1.56M from StickDix, $300K from Yummy, $190K from SafeMoon, $139K from Sacred Devils, and $50K from Milf. This would mean Jake Paul has allegedly scammed his fans out of more than $2.2 million.