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Jake Paul Busted Over $2.2M Serial Crypto Scams by Coffeezilla

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Since the SafeMoon class-action lawsuit, Jake Paul has been beneath the radar. He joins many celebrities, including Nick Carter, Soulja Boy, and Lil Yachty, who has called for a jury trial.

Coffeezilla’s freshly unearthed proof will once again bring Jake into the limelight. According to the suit, these celebrities made fraudulent or misleading claims to investors concerning SafeMoon.

Jake’s promotions on Twitter were not labeled as ‘Sponsored,’ according to Coffeezilla. This is a blatant breach of the advertising guidelines of several sites.

Coffeezilla puts Jake Paul under the radar

Coffeezilla decided to delve deeper into Jake’s other projects in the middle of the litigation and commotion. Sacred Devils, Yummy, Milf, and STICKDIX (Jake’s personal NFT project) are among these projects.

Coffeezilla made a comprehensive video on how he conducted his investigation and gathered all the evidence.

He stated that the most challenging aspect of the inquiry was tracing Jakes’ transactions. Even though “everything on the blockchain is trackable and publicly accessible,” he stated.

At the same time, anyone may build an anonymous crypto wallet, further complicating the procedure. Creating anonymous wallets, he claims, poses a complex problem.

Fake wallets make it easier to trace inexperienced influencers. More experienced con artists, on the other hand, are better at concealing their ownership and siphoning off funds “anonymously.”
The main reason for this is that they can generate hundreds of anonymous wallets.

“Jake Paul is sort of in the middle,” Coffeezilla added. He isn’t as stupid as you think he is, but he isn’t as bright as he believes he is.”

The first step in Coffeezilla’s inquiry was to go into his public wallet, “yourmom169.” Jake was paid 39.9 ETH for his Sacred Satan advertising scheme.

Jake duped his community into purchasing sacred devil NFTs, which resulted in complete losses for the purchasers.

Jake Paul led the NFT project STICKDIX, which earned over $1.5 million. Coffeezilla pushed further to locate additional intriguing facts, even though this information is readily available to the general public.

SafeMoon assisted Coffeezilla in busting Jake by using blockchain research and detecting similar scammy practices.

He was looking for a $190,000 transaction from SafeMoon that had been transferred to Jake Paul’s wallet address. MILF and Yummy transactions were linked to the same wallet.

According to the transaction information, Jake Paul defrauded his community for nearly $2.2 million. With the rise in popularity of cryptocurrency, celebrities entice their fans to acquire dodgy tokens to push up their value before dumping them and leaving them with nothing.

Alleged V1 SafeMoon scam puts Jake Paul, Soulja Boy, and Lil Yachty under the radar

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In a class-action lawsuit concerning an alleged SafeMoon cryptocurrency scam, Jake Paul, Soulja Boy, and Lil Yachty have been listed as defendants. As per the reports by ClassAction.org, Jake Paul and the rappers are only three of the celebrities implicated in the SafeMoon cryptocurrency token V1 “pump-and-dump” scam. Nick Carter, YouTuber Ben Phillips, and SafeMoon LLC and its affiliates are among the other defendants.

The 60-page lawsuit, filed in California’s Central District Court on February 17, alleged that the defendants misled cryptocurrency investors by promoting SafeMoon tokens while profiting behind the scenes. Jake Paul, Nick Carter, Soulja Boy, Lil Yachty, and YouTuber Ben Phillips are accused of boosting the value of the SafeMoon tokens through social media.

According to the complaint, SafeMoon founder and CEO Braden John Karony and other employees promote the token while concealing their firm ownership and a large quantity of SafeMoon digital assets available for public trade.

According to the report, the lawsuit intends to protect all persons who acquired SafeMoon tokens between March 8, 2021, now and were affected as a result.

SafeMoon to the moon?

In a successful “pump-and-dump” strategy, the advertisements that boosted the price of SafeMoon saw the price drop by the end of 2021. While the executives departed the firm and a wallet for its cryptocurrency failed to debut. Directors and celebrity promoters gradually sold their personal stakes as well.

The price of the SafeMoon Token fell to $0.0000006521 per token on December 31, 2021. According to the lawsuit, it had plummeted over 80% from its peak during the period, from which it has yet to recover. “As of the lodging of this Suit, the SAFEMOON Token’s trading volume had dropped to roughly $60,000.”

The defendants Karony, SafeMoon COO Jack Haines-Davies, Global HOP Ryan Arriaga, CTO Hank Wyatt, and SafeMoon representative Shaun Witriol established the SafeMoon token in March 2021 as a speculative digital token.

According to ClassAction, by April 2021, the corporation had declared that approximately four trillion tokens had been “burned” and “gone,” with other memoranda focused on the asset’s worth being at an all-time high. However, according to the evidence, SafeMoon’s cryptocurrency token would reach its highest peak in August 2021.