From a Pizza Box to a $5M Necklace: The Wild Saga of Logan Paul’s Pikachu

The world’s most expensive Pokémon card is headed back to the auction block, but the paper trail behind it is far from "Gem Mint."

Logan Paul’s PSA 10 Pikachu Illustrator—famously worn as a diamond-encrusted necklace during his WrestleMania debut—is being listed via Goldin Auctions, reigniting a firestorm of controversy over its ties to the now-defunct Liquid Marketplace.

The saga began in 2022 when Paul co-founded Liquid Marketplace, a platform designed to "democratize" high-end collecting through fractional ownership.

Paul offered 51% ownership of the Illustrator to the public for $2.55 million, effectively valuing the card at $5 million while retaining a 49% stake.

However, the platform soon became a lightning rod for criticism.

The website eventually vanished, and in 2024, the Ontario Securities Commission (OSC) accused its owners of illegally diverting millions in investor funds for their "personal enrichment."

Paul, despite being a co-founder, was not named in the legal proceedings.

In May 2024, Paul claims he “bought everyone back” who invested in the Pikachu Illustrator after the platform's collapse.

But turns out that was all apart of the scam. 

Those funds were never paid out to investors. 

Adding to the skepticism is the card's physical history: long before it was a "perfect 10," it was a PSA 9 copy. 

This history includes some dubious pictures of the card sitting in a pizza box.

It was reportedly cracked and resubmitted multiple times until it finally cleared the hurdle to become the world's only PSA 10.

Now, as the card prepares for a high-profile sale on Goldin, there are strange connections surfacing there as well. 

Liquid Marketplace touted a partnership with Goldin shortly before the implosion. 

Furthermore, Liquid Marketplace was the platform intended to sell the 1st Edition Pokémon case that famously turned out to be fake.

>BBCE & MeelyPops Rocked By Logan Paul Pokemon Scandal

Paul bought that case from Matt Allen (Instagram's Shyne150) for an alleged $3.5 million, only to find it filled with G.I. Joe cards. 

Interestingly, Shyne later claimed he was never actually paid by Paul.

Apparently Shyne was to get paid after Liquid Marketplace sold the Pokemon case to investors.

The connection between Shyne, Goldin, Paul, and Liquid Marketplace all seems sketchy. 

As the auction looms, the hobby is left asking: Is this a record-breaking piece of history, or the final act of another carefully choreographed heist?