Logan Paul’s Pokémon Card Under Scrutiny: Was It Sold Before the Auction?

Logan Paul is back in the spotlight over that ultra-rare Pokemon card he likes to flash around. He just agreed to auction it off on TV, and the internet promptly melted down over who actually owns the card and whether it deserves its minty PSA-10 grade. The story is messy, a little wild, and full of details that will make your head tilt.

The card, the show, and the big payday he’s chasing

The card in question is Paul’s PSA-graded 10 Pikachu Illustrator — currently the only one with that grade. He paid $5.3 million for it back in 2022 and famously wore it around his neck during competitions, calling it the rarest of the rare and his personal 'Holy Grail.'

On season 3 of Netflix’s King of Collectibles, Paul shook on a deal with Ken Goldin to send the card to auction. The episode shows Paul leaving with $2.5 million after agreeing to auction it on Goldin’s platform. The plan is to put it on the block in early 2026, with Paul estimating it could hammer anywhere between $7 million and $12 million.

So why are fans mad? Short answer: ownership and grading

Two fires got lit at once. First, critics say Paul already sold this card once when he fractionalized it on a platform called Liquid Marketplace. Second, they don’t buy the card’s PSA-10 regrade. Let’s break the timeline down quickly.

• April 5, 2022: Paul announces he co-founded and owns Liquid Marketplace, which let users buy tokens that represented slices of high-end collectibles — including his Pikachu Illustrator.
• 2022: He buys the Illustrator card for $5.3 million and lists it on Liquid as a fractional asset. Fans say that means he effectively sold portions of it to users.
• May 2024: Paul says he executed a buyout under Liquid’s terms, paying the required amount to secure the card outright, with fractional holders supposed to receive their percentage payouts.
• Dec 23, 2025: Paul appears on Fox News’ The Big Money Show and says he’s sending the card to auction in February, touting Pokemon as a strong asset class.
• Dec 24, 2025: He posts a long update telling Liquid users he did the buyout in 2024 and that payout delays are on the platform, not him, citing regulatory scrutiny of the company and operational issues that have locked users out of accounts and funds.
• Dec 25, 2025: Critics resurface Paul’s 2022 ownership announcement and accuse him of double-selling — saying he’s blaming a company he owns while trying to auction the same card again.

The Liquid Marketplace mess, explained

Here’s the part that has people heated: when Paul posted on Dec 24 that he bought out the card in May 2024 and that fractional owners would be paid according to the platform’s rules, he also said Liquid Marketplace and some of its principals later came under regulatory scrutiny. He stressed he had no involvement or insight into that process and blamed the company’s operational problems for the payout delays, saying users still can’t access certain accounts or funds and that he hasn’t been given a clear timeline for when the money goes out.

Critics pushed back hard, pointing out that Paul publicly said he owns Liquid Marketplace. That old announcement is doing the rounds again, and, honestly, it’s not a great look to say you have no insight into a mess at your own company. One viral post flat-out accuses him of selling the card, blaming Liquid for 'rugging' users, and then turning around to sell the card again.

'By fractionalizing expensive assets, we’ve essentially made it possible for ANYONE to own ANYTHING.'

That’s Paul in 2022, hyping his new platform. The pitch aged awkwardly as users now complain they can’t get their funds out and haven’t received buyout proceeds.

Now about that PSA-10 grade

The second debate is the grading. The card was reportedly a PSA-9 when Paul bought it; later, it was regraded to a PSA-10 — the only 10 in existence. Some collectors on X argue it shouldn’t be a 10 at all, calling it at best an 8 or 9 and posting photos of visible flaws to make their case.

One user even labeled the situation 'consumer fraud,' accused Paul’s platform of offering a 'subprime asset' to buyers, and asked the FTC and SEC to step in. The 'subprime' comparison is basically this: like the shaky loans in The Big Short, they say the card’s quality was misrepresented to make it seem safer or rarer than it was. Others counter that, regardless of how anyone feels about the grade, a PSA label is a PSA label — and if his claims track exactly with the official grade, he may not be doing anything illegal by marketing it that way.

Paul’s investment pitch vs. reality checks

In his Dec 23 Fox News appearance, Paul went big on the salesmanship, arguing that collectibles — Pokemon specifically — have crushed the stock market over the last two decades and that he’s sending his Illustrator card to auction in February.

'If you have the money, don’t be afraid to take a risk, especially if you’re young.'

Analysts are less convinced by the '3,000% over the stock market' brag, and, given the chaos around Liquid Marketplace and the PSA debate, it’s fair to say this isn’t exactly a beginner’s guide to alternative assets.

The bottom line

Paul’s trying to cash in on the only PSA-10 Pikachu Illustrator by sending it to auction in early 2026 after a televised handshake that already netted him $2.5 million. But the blowback is intense: fans say he sold the card once through fractional tokens, then 'bought it back' and shifted blame for payout delays onto a platform he owns; others say the card’s 10 grade never should have happened. He insists he followed the rules, paid the buyout, and that Liquid’s regulatory and operational issues are the real reason people haven’t been paid.

It’s a perfect storm: a rare card, a TV moment, a fintech platform in trouble, and a grading war. Place your bets.