Logan Paul has told fans that he and British Youtube star KSI lost a combined £2.8m ($3.5m) following the recent crypto crash. The incident sent prices of Bitcoin, Ethereum and Luna into the ground.
YouTuber Paul has been in business with KSI ever since the Brit overcame the American in their highly anticipated boxing clash in 2019. Both men, reported to be worth a combined £43m as of April 2022, invested heavily into the Crypto and NFT (Non Fungible Tokens) market.
But, along with millions of other investors, their investment value nosedived after the Cryptocurrency Luna, saw its price plummet from around $6.75 (£5.45) to less than one cent in a matter of days.
Social media personality Paul described the situation surrounding Luna as “tragic” before revealing that he and KSI lost in the crash, reports the Daily Star.
“Luna in particularly, I don’t know the Luna story, but it was tragic,” Paul said to the Impaulsive podcast. “Yeah it’s not a great time to be fully involved in crypto, especially if you were involved in Luna.
“KSI, my business partner, lost $3m (approximately £2.4m) - gone! I personally have lost over half a million (approximately £404,000) thus far.” Approximately £40billion worth of losses is estimated to have occurred as a result of the Luna crash.
Bitcoin's share price suffered due to the crash as well, falling below £24,500. Ethereum, which is the second biggest crypto on the market, was also rocked as its share price reduced by a whopping 20%.
But while he is evidently not best pleased by the sheer drop in his investments, Paul said he was not panicked by the situation, describing it as a “bump in the road”.
“I will say though, if you believe in the tech and you believe in the function of cryptocurrency, and you zoom out and go super macro this is nothing,” Paul added.
“It’s just another bump in the road but that’s really hard for a lot of people. A lot of people fomo buy and then panic sell, but you have to remove your emotions from this situation. If you play the long game, you’re going to win!"
