Jake Paul has been sued along with a host of other celebrities for their involvement with the SafeMoon cryptocurrency. Paul, musician Nick Carter, rappers Soulja Boy and Lil Yachty, and YouTuber Ben Phillips were all defendants in the 60-page lawsuit.
The celebrities are allegedly responsible for pumping up the value of the SafeMoon crypto coin by promoting it on various social media platforms.
'The Problem Child' took to Twitter last May to play his part in the 'misleading promotions.' The lawsuit alleges that several individuals behind the scenes turned profits.
"Everyone needs #SAFEMOON or this will be you [chart with a downwards trend emoji]," tweeted Paul.
See Jake Paul's promotional social media post for the SafeMoon cryptocurrency last year below:
Investors who bought SafeMoon tokens from March 8, 2021 till date have suffered economic harm due to 'losing investments.'
It is alleged that SafeMoon founder and CEO Braden John Karony and the company's other top executives always intended to eventually sell their holdings for a profit when the numbers were high.
According to the filing, "On December 31, 2021, the price of the SafeMoon Token hit a low of $0.0000006521 per token, an over 80% drop from its height during the Class Period, which it has not been able to recover."
The lawsuit was filed in California’s Central District Court on February 17, 2022.
Jake Paul's Most Valuable Promotions is working with Eddie hearn to promote the Katie Taylor vs. Amanda Serrano fight
Jake Paul, who hasn't responded to the SafeMoon 'pump and dump' scheme allegations against him yet, is currently promoting the 'biggest women's fight in the history of boxing.'
London 2012 Olympic gold-medallist Katie Taylor will be defending her WBA, WBC, IBF, WBO, and The Ring female lightweight titles against WBC, WBO and IBO female featherweight champion Amanda Serrano on April 30, 2022.
The marquee matchup will take place at the historic Madison Square Garden in New York City. Serrano is managed by Paul and his Most Valuable Promotions, while Matchroom Sports chairman Eddie Hearn promotes Taylor.
All four of them recently had a press conference at MSG and are also heading out on other promotional media tours.
Watch Katie Taylor, Amanda Serrano, Jake Paul and Eddie Hearn pose for the media members below:
Paul last fought former UFC welterweight champion Tyron Woodley in a rematch last December and won via knockout.