Logan Paul's 3.5 MM Pokemon case updates

SammyC · January 13, 2022 5:55AM

I notice the previous thread of Logan Paul's 3.5 MM Pokemon case is closed. I would like to use this thread to people to post updates regards to that case. I know Logan met with BBCE last weekend but did they open the case? what was the outcome?

jcalifornia · January 13, 2022 6:06AM

Update on Twitter:

we cracked open my $3,500,000 Pokémon box to see if it’s REAL or FAKE.

coming Thursday…

https://twitter.com/LoganPaul/status/1481367705957642240

SammyC · January 13, 2022 6:24AM

@jcalifornia said:
Update on Twitter:

we cracked open my $3,500,000 Pokémon box to see if it’s REAL or FAKE.

coming Thursday…

https://twitter.com/LoganPaul/status/1481367705957642240

Thx for the updates! I don't use twitter so I didn't know. thank you!

Ahmanfan · January 13, 2022 9:09AM

I have to imagine it’s no good. We will see.

SammyC · January 13, 2022 9:20AM

I have a feeling they will break this down into Part I, Part II, Part III.... etc Those clicks and video views will make Paul get that $3.5M back if not more.

jeffcbay · January 13, 2022 9:36AM

Or it's real and the boxes/case will be rewrapped and even more valuable because of the provenance and popularity of this being the famous "Logan Paul Case".

gemint · January 13, 2022 9:49AM

@SammyC said:
I have a feeling they will break this down into Part I, Part II, Part III.... etc Those clicks and video views will make Paul get that $3.5M back if not more.

This. He'll milk this for all it's worth and will probably make more than $3.5 million off the publicity generated from it.

jeffcbay · January 13, 2022 10:02AM

@gemint said:

@SammyC said:
I have a feeling they will break this down into Part I, Part II, Part III.... etc Those clicks and video views will make Paul get that $3.5M back if not more.

This. He'll milk this for all it's worth and will probably make more than $3.5 million off the publicity generated from it.

He'd be dumb if he didn't, regardless if it's real or not.

picklepete · January 13, 2022 10:58AM

My question is why did mods shut the other thread down, & with no explanation ! Come on..

jcalifornia · January 13, 2022 12:14PM

It was FAKE

https://www.youtube.com/watch?v=i8lmQ5Ls6bw

totallyradd · January 13, 2022 12:25PM

Wow. They cracked the case open to find GI Joe Packs in Pokemon boxes. Big OOOF. I really hope this doesn't ruin Steve and BBCE's reputation, as he's hands down the best in the business in my opinion. He's the only guy in this I feel bad for. I don't know how much Logan Paul is involved in the hobby, but my guess is he bought this just for the flex.

BJY83 · January 13, 2022 12:27PM

Ouch.

maddux69 · January 13, 2022 12:31PM

Bosox1976 · January 13, 2022 12:31PM

Ouch.

scmavl · January 13, 2022 12:41PM

I feel bad for Steve. He was just crapping himself from the moment they said "Wait, why are the boxes so puffy?"

PaulMaul · January 13, 2022 12:43PM

From BBCE on Facebook:

“In March 2021, we were asked to provide our good-faith opinion and verify that the Pokémon case had not been previously opened or tampered with. We evaluated it and, in our opinion, the case was in its original state. This past Saturday, we opened that case to verify our opinion and were extremely disappointed to learn it was inauthentic. We have authenticated tens of thousands of sealed card products for nearly 20 years and have meticulously developed a structure and framework to provide our expert opinion. We are re-evaluating our approach to all sealed cases going forward. We have also decided to halt the review of Pokémon or Yu-Gi-Oh! cases or boxes until we assess and revise our processes to avoid this happening in the future.”

PaulMaul · January 13, 2022 12:44PM

Tough situation for BBCE, but I would say they handled it about as well as humanly possible.

brad31 · January 13, 2022 12:46PM

That stinks. Hope it gets traced all the way back to the creator of the case and they get a conviction.

jeffcbay · January 13, 2022 12:49PM

In my eyes Steve Hart and BBCE are still the very top of the industry for authenticating unopened product. If anything, this incident will drive them further up in the trust category. They LITERALLY stood by their word... put their face and name on the front line, and are doing something about it. 99% of this hobby would run and hide if this happened to them. Kudos to the BBCE guys, and I have a new found respect for Logan Paul.

And to whoever put those ridiculous G.I. Joe packs in there... wow. lol

RufussCkingston · January 13, 2022 12:55PM

"A REAL AMERICAN HERO!!!!"

ArtVandelay · January 13, 2022 12:58PM

Very tough situation for BBCE and feel bad for Steve who is genuinely one of the good guys in the hobby. I feel bad for Logan Paul as well. I don't really know much about the guy and it sounds like he is not well-liked but the guy made an investment much like many of us have in the same hobby and ended up a victim of fraud on the highest level in the hobby.

CoinCrazyPA · January 13, 2022 1:01PM

Ouch

jeffcbay · January 13, 2022 1:11PM

So since it's that much money, one would assume the FBI would get involved... and wouldn't there be fingerprints on the packs inside the other boxes of cards? Just thinking out loud...

erikthredd · January 13, 2022 1:17PM

Horrible outcome for all involved. The good news for Logan at least is that he's already been refunded the 3.5M from (Matt) Shyne who now has to go get his money back (from I think the fat dude on the left in vid.) Someone near the beginning of the chain of custody will end up getting screwed unless they somehow manage to find the thief that created that thing.

erikthredd · January 13, 2022 1:23PM

Cardporn on Instagram had some more details about this transaction:

cardporn
The result is out: IT’S FAKE.

We can confirm that @shyne150 refunded @loganpaul’s $3.5m immediately.

HOWEVER, Jameel from @shopmeelypops and Jacob from @cardkahuna still haven’t paid @shyne150 back.

We have it on good authority that Jameel initially promised he’d pay Shyne back immediately (Jameel’s cut of the deal was $515,000 and Jacob’s cut was $2,185,000), however he has since gone back on his word and has lawyered up, making Shyne waste money on attorneys to fight to get his money back.

We are pretty disappointed by this development as Jameel has always appeared to be a stand up guy. Jameel profited handsomely from this deal; he was the one who had the pre-existing relationship with Steve at @bbcexchange, and was the one who (along with Jacob) pretty much convinced BBCE to authenticate the case despite BBCE’s inexperience in authenticating Pokémon cases.

Jameel even made a series of YouTube videos about the sale to increase his own notability and credibility within the hobby and to promote his shop.

A man is only as good as his word, yet Jameel has gone back on his. Hopefully he comes to his senses and pays Shyne back immediately.

Next on our sh!t list is BBCE. They are considered the experts on authenticating SPORTS wax and packs. They had no business authenticating this Pokémon case to begin with, and should have declined the job. It appears that Steve was more persuaded the case was real by Jameel and Jacob rather than rely on the science and actually thoroughly examine the case itself. Steve’s inexperience on this product resulted in him making a very bad mistake. Had he not authenticated and wrapped this box to begin with, Shyne would never have bought it.

Let’s hope that BBCE stick to authenticating what they’re specialists in from now on so this NEVER happens again.

As for Jacob aka @cardkahuna, something was very off about him from the beginning. He also promised to refund Shyne immediately, but despite claiming to be a “$150m young man”, he now claims he can’t pay Shyne back as he doesn’t have the money right now. He’s told multiple different stories, and is as slippery as a snake. He’s definitely one to avoid in the hobby.

https://www.instagram.com/tv/CYrng_upf9t/?utm_source=ig_web_copy_link

scmavl · January 13, 2022 1:38PM

but despite claiming to be a “$150m young man”

Well, that actually means $150,000. So no wonder he can't.

Justacommeman · January 13, 2022 1:44PM

@picklepete said:
My question is why did mods shut the other thread down, & with no explanation ! Come on..

I'm pretty sure it was all the legal assumptions being made by lay people as to guarantees and recourse

m

Justacommeman · January 13, 2022 1:47PM

Man watching that video was rough. I'm upgrading that to brutal

m

erikthredd · January 13, 2022 1:51PM

@jcalifornia said:
It was FAKE

https://www.youtube.com/watch?v=i8lmQ5Ls6bw

That was the most elaborate GI Joe wax pump scheme ever.

StatsGuy · January 13, 2022 1:52PM

Wow.. incredible video. I think it shows there are some bad actors out there. It also shows that Steve (BBCE) is not infallible, as many portray him to be.

billwaltonsbeard · January 13, 2022 1:55PM

Cobra Command has to be responsible

Cakes · January 13, 2022 2:12PM

@billwaltonsbeard said:
Cobra Command has to be responsible

When he finds out it's GI Joe and he just throws the box of cards is priceless.

It does bring even more attention to the hobby. Wouldn't it lead to even higher prices across the board for cards?

Justacommeman · January 13, 2022 2:23PM

The obvious elephant in the room is that the case was authenticated because the tape and label were properly imbedded and aged. It totally fooled Steve. If the same methodology was used on sealed sportscard cases it can't help but raise doubts. At least that's the first thing that came to me.

In the "case" of the Pokémon opening in the video the con wasn't the GI Joe packs in Pokémon boxes. The con was to deceive the aging and imbedding of the tape and label. That was it. Someone figured it out. The GI Joe packs were a giant middle finger to the hobby

galaxy27 · January 13, 2022 2:33PM

BBCE receives a lot of praise around here and rightfully so, but if we're going to be fair and balanced then we need to recognize this for what it is -- a terrible look for them. not all mistakes are created equal. i can't stand either one of the Paul brothers, but that was so painful to watch that i actually found myself feeling real empathy for that cat.

jeffcbay · January 13, 2022 2:35PM

The best thing that could possibly happen is if everyone here goes and opens up all of your BBCE sealed boxes and cases right now. Rip them all open. That way mine will be worth more. LOL

Justacommeman · January 13, 2022 2:48PM

@jeffcbay said:
The best thing that could possibly happen is if everyone here goes and opens up all of your BBCE sealed boxes and cases right now. Rip them all open. That way mine will be worth more. LOL

You beat me to it.

m

76collector · January 13, 2022 2:52PM

Goes to show that anyone can make mistakes. Unfortunately, it happened to a great guy and ambassador of our hobby in this instance. More weight should be put into provenance when making these types of purchases. Sure, having Steve, or PSA say something is legit, is one thing, but it seems that a lot of experts in that community knew something wasn't right with that case.

billwaltonsbeard · January 13, 2022 2:56PM

So someone, Cobra or otherwise, must have put this together years ago, right? I mean, Steve mentions on several occasions that the outside of the box looked legitimately dated/worn.

But I have to ask, why wasn't the case opened and each box wrapped as FASC? That's how BBCE usually handles sports cases. Am I wrong?

craig44 · January 13, 2022 3:04PM

oh man, terrible news. I think this does add some layer of doubt on sealed cases. If the full process is as stated in the previous thread, it is not enough. checking the tape/staples.

I guess Steve should have stayed in his lane. this is a terrible look. I am shocked he took such a risk with his reputation by "authenticating" something so far out of his depth.

West22 · January 13, 2022 3:10PM

This played out about how I expected. Fake case due to BBCE stepping out of their comfort zone, initial refund from the high profile seller to the high profile buyer, then lawyering up for the rest of the chain of custody participants.

I believe an FBI investigation is warranted due to the size of the fraud.

West22 · January 13, 2022 3:13PM

@billwaltonsbeard said:

>

But I have to ask, why wasn't the case opened and each box wrapped as FASC? That's how BBCE usually handles sports cases. Am I wrong?

This was discussed in the previous thread. If requested, BBCE will authenticate and wrap a full case, rather than the boxes FASC. Many pointed out how important provenance becomes in an instance like this, and no doubt BBCE will adjust their protocols due to this unfortunate event. We may not see full cases wrapped like this again. Especially early Fleer basketball - which is where I'd expect the biggest risk/reward would come from when trying to forge something to fool BBCE.

West22 · January 13, 2022 3:18PM

@craig44 said:
oh man, terrible news. I think this does add some layer of doubt on sealed cases. If the full process is as stated in the previous thread, it is not enough. checking the tape/staples.

I guess Steve should have stayed in his lane. this is a terrible look. I am shocked he took such a risk with his reputation by "authenticating" something so far out of his depth.

I was hoping there was some detail that we missed, or that the Pokebeach guys missed in their analysis. Was really rooting for Steve on this one but it appears he did get duped by the guys who had it authenticated and made the penultimate sale at $2.7 mil.

UFFDAH · January 13, 2022 3:21PM

I just don't get POKEMAN. How can it be worth more than American heros like GI Joe, 6 Million Dollar Man and The Dukes of Hazzard?? Glad I don't collect that cowcrap.

PROMETHIUS88 · January 13, 2022 3:26PM

@UFFDAH said:
I just don't get POKEMAN. How can it be worth more than American heros like GI Joe, 6 Million Dollar Man and The Dukes of Hazzard?? Glad I don't collect that horsecrap.

I would give anything to have my original 6 Million Dollar Man action figure with the lab kid and the Oscar Goldman "action" figure that I threw aside to God knows where because he didn't have a cool eye or bionic arm.

pab1969 · January 13, 2022 3:29PM

Ugh.

80sOPC · January 13, 2022 3:29PM

I know Steve is a great guy and I trust BBCE product, but this is the second high profile beat that he should have caught. Provenance on this case was brutal.

And he should have known sequencing on all the star cello’s that got by.

This may not be a popular take but when you position yourself as an authority, you will be held to that standard. This is a big deal, period. Was very preventable.

UFFDAH · January 13, 2022 3:33PM

@PROMETHIUS88 - I still have my 6 Mill man figure!! Will try to share a pic tomorrow. Heck Yeah!!

billwaltonsbeard · January 13, 2022 3:34PM

I would think a nicely centered Major Bludd RC would be pretty cool to see

NGS428 · January 13, 2022 3:48PM

I’ve been looking for some GI Joe…. Who can I contact to get these?

On a side note: it was pretty ballsy for him to look all around the room and say “we” all got duped….

MisterTim1962 · January 13, 2022 4:44PM

Time for them to stop authenticating unopened cases and stick to boxes only.

GoDodgersFan · January 13, 2022 4:57PM

The reality is that cases need to be opened now. Feel really bad for Steve and such a great asset. BBCE went a bridge too far here and paid a price for sure.

Logan Paul's 3.5 MM Pokemon case updates

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