Blockchain investigator ZachXBT has tackled a business associate of popular figure Jake Paul over his claims concerning their new crypto venture. Paul’s business partner, Geoffrey Woo, responded to a post on X, claiming that the crypto venture had ‘0% rug pull risk’ because he was already rich.
In the post quoted by Woo, a user on X said, “Perhaps the most important thing about this meta is that founders are very much aligned and there’s no founder rug pull risk. Bags meta ran up larps to $70m. Interesting to see how high this goes on base.” Woo also claimed in his post that he would not be tempted to dump his full position, a claim that didn’t seem to go down well with ZachXBT. He pointed out the obvious problem, which was Woo’s decision to enter into a partnership with the Paul brothers in the first place.
ZachXBT highlights failed projects linked to the Paul brothers
ZachXBT highlighted several failed projects that have been run by the Paul brothers in the crypto industry. He mentioned projects like CryptoZoo, Animoon, Sacred Devils, STICKDIX, and Dink Doink that have lost more than 99% of their peak value. Aside from dozens of publications linking the Paul brothers to scams and rug pulls, there is the issue of Jake Paul’s promotion of TRX without disclosing compensation.
Despite the comments, Woo didn’t back down from his claim that the project runs no founder rug pull risk. He even repeated a bullish price prediction for the new token. Still unconvinced, ZachXBT said, “The bot placed the sells, not the dev,” joking about the excuse Woo could invent on the day that he eventually dumps his token. In fact, he also sounded unconvinced that Woo’s project hadn’t already sold some of the tokens gotten from its founding allocation.
The researcher cited three sales, highlighting swaps from the memecoin to other digital assets, which would violate Woo’s disclosure promise to pre-announce insider sales for operations. On the other hand, Woo and Jake Paul had been business partners for a long time, with the pair co-founding a venture capital firm in 2021 and working together on a men’s personal care brand. As a Stanford graduate and a professional, Woo knows the implications of his promise to pre-announce sales and predict 0% risks.
The Paul family in the negative spotlight
The Paul family has done little to steer away from public scrutiny in the past few days after Logan Paul was accused of faking a $1 million Super Bowl bet on Polymarket. Paul was filmed placing what appeared to be a $1 million bet on the New England Patriots beating the Seattle Seahawks and winning the coveted prize. However, ZachXBT and numerous onlookers have claimed that he did not go through with the bet as his account had no money in it.
In addition, ZachXBT also pulled up a list of the top bettors within the market and showed that none of them matched the bet made by Paul. He called the move “yet another Logan Paul scam,” a comment that possibly referenced the detailed crypto project CryptoZoo, where victims lost tens of thousands of dollars, and led to numerous lawsuits, some of which are still ongoing. ZachXBT also speculated that there is some sort of relationship between Paul and Polymarket that is not being disclosed.
The crypto sleuth shared one of Paul’s live streams, filmed days earlier, that showed the influencer trying to promote Polymarket in a way that ZachXBT described as inorganic. Meanwhile, Polymarket is still battling various legal challenges in courts in the United States. The platform recently launched a lawsuit against the state of Massachusetts, attempting to prevent it from shutting down its sports prediction markets.
Source: https://www.cryptopolitan.com/zachxbt-jake-pauls-business-partner-rug-pull/
