'Finfluencer' Jake Paul claims poverty on crypto crash
04:44, 28 June 2022
A social media influencer Jake Paul, who has once promoted, among other cryptocurrencies, is ‘poor’ following the crypto crash, while Tesla founder Elon Musk was hit with a lawsuit for having promoted the dog-themed meme-coin.
What does the crypto crash aftermath look like for celebrity influencers?
Jake Paul, a social media personality who vocally supported BTC, DOGE and other coins is reportedly “poor” after the cryptocurrency market crash, Logan Paul, his older brother and social media personality, said during his podcast Impaulsive earlier this month.
BTC to US dollar
Both rose to fame through posting rank videos on social media, initially in Vine and then YouTube. The Pauls amassed tens of millions of fans on social media.
Both brothers engaged in exhibition boxing fights, with the younger Paul fighting fellow YouTuber, former basketball player and two retired MMA fighters.
Meanwhile, Logan Paul faced a former five-division world champion Floyd Mayweather, who is 16 years his senior and below his weight classes, in an exhibition match.
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'Put all his money in crypto'
Speaking during his podcast, Logan Paul first took a jab at his brother’s “boxing career”. His co-hosts opposed him, saying: “It’s [Jake Paul’s boxing career] going pretty well, he won every fight he’s done,” and “He made like $40m last year.”
"It doesn't matter,” Logan Paul countered, “he put it all in crypto! He's poor!”.
Logan Paul then went to reveal that he himself lost $500,000 in the wake of the crypto crash which has seen huge amounts of value wiped from the likes of ETH, SOL and TRX as well as bitcoin itself.
ETH to US dollar
The killing moon?
Jake Paul has become subject to criticism for advertising to his young, impressionable fans.
Earlier this year, Jake Paul was targeted in a class action for having promoted cryptocurrency SafeMoon.
Meanwhile, the self-proclaimed “doge-father”, South Africa-born entrepreneur Elon Musk, was hit with a suit for having promoted DOGE..
DOGE to US dollar
"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," the complaint reads.
"Musk used his pedestal as World's Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement."
The role of finfluencers has come under scrutiny from Asia Pacific regulators with the Monetary Authority of Singapore telling Capital.com saying they needed to comply with disclosure rules.
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