Looking at the ongoing market situations, brother of Jake Paul has expressed his concerns that he could lose all what he has
In a podcast broadcasted in May, famous American Youtuber Logan Paul stated that his brother Jake Paul who’s a famous social media star turned professional boxer and some other potential members of his circle are now getting to know the true value of Jake Paul’s crypto holdings that he is now ‘poor’, apparently.
In the year 2021, Jake was 6th highest paid athlete in the age bracket of under 25 years, where his total holdings were estimated to be around $40 million that he earned throughout the year, from his fights and tournaments. However, Logan said, he put all his money into crypto looking at the highs that cryptocurrencies were attaining in the year 2021. But no, all the investments that Jake has put his money into, almost every one of them is trading in the red losing a significant amount of value.
Logan Paul further said in his podcast that Jake Paul is not the only famous social media personality who have lost their money in cryptocurrencies investments. Logan himself had lost more than $500,000 worth of investment that he made in Terra netowrk’s LUNA token that later went through a crisis and let down all its investor’s money. Famous Youtuber also mentioned Youtube star KSI who also had lost about $3 million that he invested in the same asset.
On top of all this, Jake also got under scrutiny the year in case of playing his part as promoter of a bunch of rug pulls related to non fungible tokens (NFT) and cryptocurrencies. These projects launched with huge promises of making their investors a lot of money but ended up failing to deliver their promises and took away all the money. This could also be the reason where Jake has lost his most part of his investment, by trusting these failed projects and now he relaising his failure and looking up to alternative income streams.
Prominent crypto investigator with Pseudonym Coffeezilla has been able to connect Jake Paul with the crypto promotions and related projects totaling $2.2 million, as per reports. At the time when Paul has made a significant amount of money by promoting such crypto projects that were often ill fated and doomed, there were high chances that he sunk some chunk of his investment into those schemes he is promoting while not realizing that it could be a scam.
Source: https://www.thecoinrepublic.com/2022/06/13/are-cryptocurrency-investments-of-jake-paul-on-the-verge-of-dilution/