Is Jake Paul Invested in Bitcoin?
After Jake Paul became one of the celebrities accused by the United States Securities and Exchange Commission (SEC) of illegally promoting cryptocurrencies, many have begun to wonder how much crypto the American social media personality and professional boxer actually had.
While the specific numbers are unclear, Jake Paul is a known Bitcoin (BTC) enthusiast, claiming that the decentralized finance (DeFi) flagship was the “best investment” of his life when he sat down for a chat with BitBoy Crypto in April 2021.
As he said at the time:
“I invested in Bitcoin when it was $100 when I was 16 years old and it was the craziest, best investment of my life. (…) Ever since that moment I have been involved in crypto and still invest to this day , bought Bitcoin, bought Ethereum (ETH).”
Bitcoin betting backfires?
However, one year later, during an episode of his ‘Impulsive’ podcast with co-hosts George Janko and Mike Majlak, his older brother Logan revealed that Jake had suffered major financial losses when he had allegedly invested most of his fortune in the crypto market, which had subsequently crashed.
In fact, while Janko touted Jake’s boxing career, stating that it’s “going pretty well,” and Majlak emphasized that “he made about $40 million last year,” Logan quickly jumped in to say that “it doesn’t matter; he put everything in crypto. (…) He is poor.”
Interestingly, the YouTuber turned boxer had the blame US President Joe Biden for the “raging crypto prices” at the time, despite some commentators pointing out to him that Jake was “one of the main guys pumping and dumping” crypto.
Fraudulent charges
It appears that one commenter was specifically referring to Paul’s support of SafeMoon (SAFEMOON), now revamped as the SafeMoon V2 (SFM) token, which faced security issues and several scandals in 2022, including fraud lawsuits against the network’s executives and celebrity influencers who supported it and then allegedly sold its holdings.
Meanwhile, Jake Paul has been charged with illegally promoting Tron (TRX) and/or BitTorrent (BTT) without disclosing that he was compensated for it, along with Lindsay Lohan, DeAndre Cortez Way (Soulja Boy), Austin Mahone, Michele Mason (Kendra Lust). ), Miles Parks McCollum (Lil Yachty), Shaffer Smith (Ne-Yo) and Aliaune Thiam (Akon).
In particular, crypto entrepreneur Justin Sun and three of his companies, Tron Foundation Limited, BitTorrent Foundation Ltd. and Rainberry Inc., also accused of the unregistered offering and sale of TRX and BTT as investments through several unregistered “bounty programs,” as Finbold reported on May 22.
