Cryptocurrencies could very well be the future of finance but it still has a long way to go before it becomes a more accepted way for people to start accepting it as a main stream form of payment. Possibly the biggest reason why people have a difficult time trusting cryptocurrencies is because of the abundance of scams that litter the entire platform.
In fact, there are so many scams throughout the crypto market that some of them have been established by celebrities and influencers. One of these scams was by Jake Paul, one of the Paul brothers and an internet personality that continues its downward spiral.
Released Stickdix to the Public
While this was not the first real cryptocurrency that Jake Paul was involved with, it certainly was the one that made him the most popular and made him the most money. The important thing about this particular project was that this was his project that he started from the ground up. However, the intent behind this project was fairly obvious from the beginning.
By this point in his career, Jake Paul had made a career out of being one of the creators on the platform, with his Team 10 controversies and even his many influencer courses that he tried to sell. All of this history surrounding Jake Paul is what really made people really start to lose trust in his project. Suffice it to say that people had their doubts about the ehservice, but still decided to buy their way in.
During the early days of Stickdix, Jake Paul was making an effort to keep the project alive by making regular posts in the discord chat and making videos surrounding the project. His main goal was to really bring in more investors and help the project grow.
While Stickdix is still available, its market value has plummeted since Jake abandoned the project after he managed to cash out nearly $1.5 million from a single project.
Made Away with the Money
Many people had their doubts about Jake Paul and the operation he was running, since this could very likely be another one of his major scams. But as soon as people were changing their minds about this particular project, he proved them right by abandoning the project entirely. After cashing out his $1.5 million, Jake Paul has not sent a single message in his discord and has yet to make any real call backs to the scams he was a part of.
Making away with the money is possibly the most important piece of evidence that proves this project started out as a rug pull from the beginning, and he was just waiting for the right time to do it. All in all, he has been able to do a lot more harm than good to his reputation with this project.
Not the Only Scam that He Was a Part of
Despite sitckdix being one of his biggest scams, it was not the only one that he was involved in. Jake Paul was promoting up to five different types of cryptocurrency projects, all which turned out to be scams in the end. While Stickdix was the only project that was his purely his, he was simply doing publicity work for the others.
However, not only did he fail to mention that he was taking money from the developers of these tokens, but he made active predictions that they would increase in price..
All of these different pump and dump schemes brought serious attention to Jake Paul, who had managed to rake in over $2 million in a short span of these five scams. This lead to a class action lawsuit.
Jake Paul is a scammer, and his scams are not even unique to the crypto space, since he has been continued to try and make his way around making money without having to offer individuals what he promised them, which makes him especially malicious.