Jake Paul has been sued by the U.S. Securities and Exchange Commission over supposedly illegally promoting cryptocurrencies tied to Justin Sun.
On February 26, the controversial YouTuber sustained the first defeat of his professional boxing career.
In a tremendous performance, Tommy Fury, utilised his evasive footwork to leave the social media icon chasing shadows. But it seems the American is in even more trouble than he was when the Brit’s punches were landing on his chin.
As per Coin Desk via a press release, Paul ‘illegally touted’ cryptocurrencies ‘TRX and/or BTT’ without revealing he was receiving financial gain to do so.
The ex-Disney star was part of a plethora of celebrities, including Lindsay Lohan, that the SEC charged on Wednesday with participating in a scheme to promote Sun-tied cryptos illegally.
Paul has reportedly settled the charges.
However, this isn’t the first time the 26-year-old has been in hot water for his crypto controversies. Back in February, he was sued for allegedly participating in a pump-and-dump scheme run by SafeMoon.
In addition, his elder brother, Logan Paul, has also received backlash for ‘scamming fans’. ‘The Maverick’ upset the ‘LoGang’ for his involvement in, the nFT project CryptoZoo.
While ‘The Problem Child’ is keen to focus his attention back on boxing, this scandal isn’t going away anytime soon.
Therefore, he will have to hope his reputation doesn’t take too much of a hit before this is all wrapped up.
Read: Tommy Fury: Five possible opponents after beating Jake Paul (sporf.com)
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