Logan Paul and KSI have revealed the heavy loss they incurred from their crypto investments.
Since 2018, blockchain technology has experienced a major hike in the market. Bitcoin shot up to astronomical heights to create multiple millionaires overnight. Now, four years separated from the first boom, crypto and stock market are plummeting down to create new lows.
At the beginning of the year, former opponents Paul and KSI had teamed up as business partners. The pair ended up with a hole burned through their pocket after losing millions of investments in crypto.
Many people have been reported to have lost their “life savings” after the cryptocurrency Terra Luna crashed from £70 per share to less than 13p. Having invested almost £2.5m in the currency, KSI’s current holdings amount to a meager £800 just a few days on.
In a recent episode of the Impaulsive podcast, Logan Paul talked about the market collapse and how it affected him personally.
“It’s not a great time to be fully involved in crypto, especially if you were involved in Luna. KSI, my business partner in Prime, lost over $3million, gone. I personally have lost over $500,000 so far,”
“I will say though, if you believe in the tech. The function of cryptocurrency, zoom out and go super macro then this is nothing. It’s just another bump in the road, but that’s really hard for people.
“A lot of people FOMO [fear of missing out] buy and panic sell, you have to remove your emotion from this situation and if you play the long game then you’re gonna win.”
Logan Paul hasn’t given up on crypto just yet
Following the setback he suffered from his recent investments, Logan Paul stays firm on his belief in the power of crypto. He recently launched his NFT project ’99 Originals’, a collection of 99 original polaroid pictures taken by Paul over the course of 99 days. They will be launched in the form of NFTs.
“It’s a little financially scary at times, that’s why I launched one of the most important projects of my life during the worst bear market we’ve ever seen, Paul joked. “I’m just kidding, [99] originals is doing fantastic.”
“It’s been amazing, the first one sold for $60,000 the second one sold for $100,000. We’ve sold four, the DAO has roughly $130,000 to play with and it’s doing remarkable. I can’t actually believe how against the grain, to the market that it is.”
Paul is surprised at the overwhelmingly positive reception his project has received given the bearish nature of the market.
“I’m getting a lot of texts from notable people, who are realising quickly how much work I put into this”
“Both mental and physical work that is spread out by a team of people. It’s been nine months of blood, sweat and tears and I couldn’t be happier.”
While most people can’t afford to lose out $3 million on a single investment, Logan Paul will continue ahead in crypto comfortably. He may also need to fork out more cash if he proceeds with the lawsuit against Floyd Mayweather.
