Jake Paul Exposed Over $2.2M Serial Scams
Coffeezilla exposed Jake Paul’s connection with shady crypto projects and promotions.
The crypto sleuth also revealed Jake’s transaction details and the money he made through the promotions.
- Jake Paul made a staggering $2.2 million through a series of questionable crypto promotions.
- Coffeezilla dug deep to find his transaction details which led him to find his secret wallet address that busted Jake.
Jake Paul has been flying under the radar ever since the SafeMoon class-action lawsuit. He is on the long list of other celebrities like Nick Carter, Soulja Boy, Lil Yachty, who demand a jury trial.
The newly dug-out evidence exposed by Coffeezilla will put Jake under the spotlight once again.
The lawsuit states that these celebrities made false or misleading statements about SafeMoon to investors.
Coffeezilla revealed that none of the promotions that Jake made on Twitter were tagged as ‘Sponsored.’ A clear violation of many platforms' advertising standards.
The problem child is in real trouble
Amidst the lawsuit and chaos, Coffeezilla decided to take a deep dive into other projects that Jake promoted. These projects include Sacred Devils, Yummy, Milf, and STICKDIX (Jake’s personal NFT project).
Coffeezilla put out a detailed video on how he investigated and collected all the evidence.
He mentioned that the investigation's biggest challenge was tracking Jakes’ transactions. Even though “everything on the blockchain is trackable and publicly available.” he said.
But at the same time, it's easy for anyone to create an anonymous crypto wallet, complicating the entire process. He said that creating anonymous wallets creates a strange dilemma.
Inexperienced influencers are still easy to track with fake wallets. However, more experienced scammers are better at hiding their ownership and siphoning off funds “anonymously.”
The primary reason is that they can create hundreds of anonymous wallets.
Coffeezilla said, “Jake Paul is sort of somewhere in between. He’s not as dumb as you guys probably think he is, but he’s not as smart as he thinks he is.”
Coffeezilla did the right thing
Coffeezilla’s initial investigation started with his public wallet “yourmom169”. Jake had received 39.9 ETH for his Sacred devil's promotion scam. Jake lured his community into buying sacred devil NFTs, and the buyers ended up suffering total losses.
STICKDIX was an NFT project led by Paul, earning over $1.5 million. While this information is easily accessible to the public, Coffeezilla dug deeper to find more exciting information.
Using blockchain analysis and tracking similar scammy patterns, Safemoon helped Coffeezilla to bust Jake.
He chased a $190,000 transaction from SafeMoon, which was sent to a wallet address held by Jake. That same wallet was connected with MILF and Yummy transactions.
For every transaction, Jake created a new wallet. But he wasn’t as smart as he thought he was. He cashed out all the tokens to the same wallet, creating a single, easily trackable address.
Coffeezilla also noted that every transaction was linked to each promotion that he did.
All the payments were linked to a public Rarible account named ‘PRBLM CHILD’ with @jakepaul in the bio.
Totaling the transaction details, Jake scammed his community for over $2.2 million. With the growing popularity of crypto, celebrities lure their community to buy shady “tokens to pump value, before dumping and leaving them with nothin.” A little bit of research will help to tackle such situations. It's time to stop blindly following celebrity promotions and endorsements.
The information provided on DecentReviews does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Do not treat any of the websites content as such. DecentReviews does not recommend that any cryptocurrency or blockchain asset should be bought, sold, or held by you. Conduct your own due diligence and consult your financial advisor before making any investment decisions.