Jake Paul charged by US government in crypto scam

After suffering his first loss in the ring, Jake Paul is now charged by the US government in a crypto scheme.

In what is a setback, Youtuber turned boxer Jake Paul who recently signed an MMA contract with PFL, has been charged by the Securities and Exchange Commission on Wednesday, for failing to disclose he promoted Crypto.

Paul joins a list of eight total celebrities which includes the names of Lindsay Lohan, Aliaune Thiam, and Shaffer Smith among others, who have been charged $400,000 in total by the US government.

26-year-old Paul who enjoys a huge fan base on social media often promotes brands for which he is handsomely paid. Paul promoted Tronix (TRZ), led by crypto asset entrepreneur Justin Sun on his Twitter account.

According to the press release, Paul and the other "agreed to pay a total of more than $400,000 in disgorgement, interest, and penalties to settle the charges, without admitting or denying the SEC’s findings."

At press time, there has been no official statement from Paul about the charges.

Jake Paul suffered his first professional boxing loss this year

After accumulating six consecutive wins over names such as Tyron Woodley and Anderson Silva, Paul was handed his first loss in the ring this year.

After a lot of back and forth on social media and two canceled fights, Paul met Tommy Fury in the middle of the ring at the Diriyah Arena, in Saudi Arabia. While Paul was confident he'd have a successful outing, things did not go as planned.

During the fight, Fury looked like the better fighter compared to Paul. Making smart use of his jabs and crosses, Fury got the better of Paul. While Paul did manage to knock Fury down in the eighth, it certainly wasn't enough as Fury went on to win a split decision.