Logan Paul has revealed the eye-watering amount of money he and KSI have lost in cryptocurrency investments.
The crypto and stock market are in a dreadful way right now. Former opponents Paul and KSI, who teamed up as business partners at the beginning of this year, have suffered hugely because of the financial collapse after investing lots of money in crypto.
People have reportedly lost their "life savings" after the cryptocurrency Terra Luna plummeted by upwards of £70 per share to less than 13p. KSI invested almost £2.5m in the currency, only for it to collapse to £800 just days later.
"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," Paul said of the market collapse on his ' Impaulsive ' podcast.
"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."
Paul isn't going cold turkey on crypto, as he recently launched his NFT project '99 originals'. The project is a collection of 99 original polaroid pictures taken by Paul over the course of 99 days, that are sold 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."
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"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 has been surprised at the support his NFT project has been getting despite the ongoing crypto bear market. He continued: "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."
