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Jake Paul Made Almost $2 Million By Pushing Cryptocurrency Pump And Dump Schemes

Jake Paul’s crypto ventures have all been abandoned or have lost more than 90% of their value.

Celebrities promoting crypto assets are not really unexpected in the sector, but a recent video demonstrates that Jake Paul is on another level.

Coffeezilla’s YouTube video stated that YouTuber and professional boxer Jake Paul had made millions.

Coffeezilla said in the video that Paul had been paid to promote many cryptocurrencies, including Safemoon, Yummy Coin, Milf token, and others. However, he does not identify these promos as sponsored advertisements, giving his admirers the idea that they were personal endorsements.

The boxer’s method is to create a new wallet for each coin that he wishes to promote. The token is then loaded into this wallet, most likely by the token’s developer. He then takes to social media, typically Twitter, to praise the token.

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Soon after, the coins from the new unknown wallet are transferred to a new wallet, this one registered on OpenSea with the name “PRBLM CHILD.” That, it turns out, is Jake Paul’s alias, indicating that he is most likely the owner of the wallet.

Jake Paul is not the first or only celebrity to endorse sketchy cryptocurrency schemes without disclosing their affiliations with those companies.