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Logan Paul’s Pikachu Illustrator card sold at auction for $16.492 million in February 2026, including the buyer’s premium. The “scam” accusations that followed focused not on the auction, but on an earlier Liquid Marketplace fractional-ownership offer and questions about whether token purchasers would share in any proceeds. In a later decision, the Ontario Capital Markets Tribunal found fraud by Liquid Marketplace and two co-founders in their dealings with token purchasers; it did not find Logan Paul liable.
What happened at the Pikachu Illustrator auction?
Guinness World Records reports that Paul’s card sold through Goldin Auctions on February 16, 2026, for a final total of $16,492,000, including the buyer’s premium. Guinness recognized it as the most expensive trading card sold at auction. Contemporary reporting separately put the winning bid at $13.3 million; that bid is not the same as the final total after the premium.
| Figure | What it represents |
|---|---|
| $5,275,000 | The price Guinness World Records reports Paul paid in 2021 to acquire the card. |
| $13.3 million | The reported winning bid at the February 2026 auction, before the buyer’s premium. |
| $16,492,000 | The final auction total reported by Guinness World Records, including the buyer’s premium. |
The card was created for a 1998 illustration contest and designed by Atsuko Nishida, according to the Associated Press. Only a few dozen copies are believed to exist, an estimate rather than an exact census. The auctioned card’s distinction was its condition: it received a PSA Gem Mint 10 grade, and Guinness identifies it as the only known copy at that grade. That does not mean it is the only Pikachu Illustrator card in existence.
At the auction, the Associated Press reported Paul reacting: “Oh my gosh, this is crazy.”
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Why did the sale revive Logan Paul scam accusations?
Before the auction, Paul had promoted offering a share of the card through Liquid Marketplace, a platform that sold tokens it described as fractional ownership of collectibles. After the card sold, social-media users questioned what the earlier offer meant for token purchasers: in particular, whether they would participate in the card’s sale proceeds or gain access to funds held on the platform.
Protos reported that Paul said he had repurchased the card from Liquid Marketplace and paid to restore withdrawals. Those are Paul’s statements, not independently verified evidence that specific users recovered funds or received any share of the auction proceeds. The available reporting does not establish individual users’ outcomes.
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The key distinction is between the documented auction and the dispute over the earlier token offering. The card’s sale is recorded by Guinness as an auction result; the later legal findings concern Liquid Marketplace’s representations and dealings with token purchasers, not a ruling that the auction was fraudulent.
What did the Ontario Tribunal find about Liquid Marketplace?
On September 30, 2026, the Ontario Capital Markets Tribunal issued its merits decision in the Ontario Securities Commission’s proceeding against Liquid Marketplace Inc., Liquid Marketplace Corp., Ryan Bahadori, Amin Nikdel, and Dennis Domazet. The Tribunal found that the tokens and related rights were investment contracts. It also found that the companies traded securities without registration, sold them without a prospectus, and operated a marketplace without required approval.
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The Tribunal found that Liquid Marketplace, Bahadori, and Nikdel committed fraud in their dealings with token purchasers. Its summary describes a gap between what purchasers were told and how the platform actually worked:
| What purchasers were told | What the Tribunal summary says |
|---|---|
| Tokens gave purchasers legal ownership interests in collectibles. | Most collectibles were not covered by listing agreements. |
| Tokens could be transferred on Ethereum. | Ownership was recorded only on the platform’s internal system, and purchasers could not transfer tokens to their own digital wallets. |
| Collectibles were authenticated, fairly valued, securely stored, and insured. | The Tribunal summary says those statements were false. |
The Tribunal did not find Dennis Domazet responsible for the fraud, and it did not find that Bahadori or Domazet misled the Ontario Securities Commission. A separate hearing on sanctions and costs was still forthcoming in the Tribunal’s decision summary.
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Was Logan Paul found liable?
No. Paul is not listed among the respondents in the Tribunal proceeding, and the Tribunal summary does not say it found him liable. Its findings concern the named companies and individuals and Liquid Marketplace’s representations to token purchasers. They should not be recast as a finding against Paul or as a ruling that the Pikachu Illustrator auction itself was fraudulent.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is still unknown about token purchasers’ money?
The Tribunal decision establishes findings about the platform’s conduct and its representations; it does not establish whether particular users later recovered funds or received proceeds related to the card sale. Paul’s reported account that he paid to restore withdrawals is not confirmation of individual recoveries. The available sources likewise do not verify that token purchasers shared in the auction’s upside.
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