Jake Paul was among seven other celebrities that were charged with boosting crypto.
Jake Paul has become one of the most popular boxers on the planet. He grew from a kid on the Disney channel to a YouTuber and now is making a great deal of money in “celebrity boxing” matches. Paul has a variety of other business ventures and along with his brother Logan has become very wealthy. Now it seems that Paul has gotten himself in some hot water for not following disclosure laws in a recent cryptocurrency case.
According to reports, the Securities and Exchange Commission announced that eight celebrities, Paul, 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) have all been charged with “boosting crypto assets without properly disclosing that they were paid for their endorsements.”
These were some of the paid tweets that were made without disclosure.
Lohan and Lil Yachty got $10,000, Ne-Yo got $12,000, and somehow Jake Paul got $25,000 for retweeting Lil Yachty. If I was Lil Yachty I'd be mad lol pic.twitter.com/MfcYvZyYRN
— web3 is going just great (@web3isgreat) March 22, 2023
Jake Paul has agreed to pay a fine for his involvement in this crypto scandal
The charges themselves stem from one man named Justin Sun. He is being charged “for the unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT),” per a press release via Yahoo News.
The eight famous personalities were posting about the crypto asset securities Tronix (TRX) and BitTorrent (BTT) without explaining that they were getting paid for tweeting. According to reports Lohan and others received $10,000 for their tweets, with Paul receiving $25,000.
The charges were filed in a federal district court in New York this week. All of the celebrities except for Soulja Boy and Mahone have agreed to pay $400,000 to settle the charges. Paul has not made a comment on this matter and none involved have confirmed or denied the claims.
Paul’s last fight was a loss to Tommy Fury in Saudi Arabia on February 26.
