Logan Paul Sued Over Involvement In Crypto Scam

Before venturing into crypto, Paul had risen to fame as a video blogger. While he earned notoriety for posting footage of himself with a dead body in a Japanese forest, his enormous popularity persisted, with Insider naming him the most famous influencer in the world in 2021. Paul became a WWE wrestler in 2022 and recently appeared on the Royal Rumble stage. A representative for Logan Paul declined to comment primexbet on all other questions or address the specific claims in the lawsuit. In a June 2022 Twitter Space, Paul provided an update on CryptoZoo, addressing the slew of "shady characters" within the crypto industry. CryptoZoo had been besieged, he said, after its lead developer — who he later revealed to be Zach Kelling — "took the code that he made, fled to Switzerland…and like held it hostage for $1 million."

They bought into the hype and excitement of a new NFT venture by someone they had re-learned to trust as a legitimate entrepreneur, only to allegedly have their hands bitten off by Paul and his partners. This all started after an investigation by YouTuber Coffeezilla accused CryptoZoo of being a complete scam, noting how the game isn’t anywhere near complete despite accepting upwards of $2.5 million from prospective NFT breeders. The game works by allowing players to hatch NFT eggs into animals that could then be bred with other animals to make strange hybrid creatures. Certain animals and features will be rarer than others, making their hybrid babies more valuable. The concept sounded fine, but the problem was there’s no way to actually hatch your eggs, and investors who put millions into purchasing those eggs can’t get their money back. More than a year later, Tauk and his father have lost almost all of that investment.

Coin Prices

Ibanez was exposed in 2022 for claiming he went to MIT, worked with the CIA, along with other allegations. Even though Jeff Levin, another co-founder and Paul’s manager, was informed of Ibanez’s exposure before the CryptoZoo launch, Ibanez remained https://www.uniquenewsonline.com/primexbt-scam-or-safe/ on the team. However, Paul in his response video doxxed and dragged out old arrest records of Zach Kelling, Zoo Labs’s CTO, who now wanted to sue Paul for setting him back years in his career before Paul removed the defamatory video.

Paul promised big things for the company and hyped it on his social media channels. In August 2021, YouTuber/boxer/forest lover Logan Paul began promoting a game, CryptoZoo, on his podcast Impaulsive. CryptoZoo is a blockchain-based game where players could purchase in-game cryptocurrency to then purchase an egg that would hatch into an animal that users could crossbreed with other in-game animals. The rarer the breed, the more in-game crypto a player could receive, in turn buying more eggs or cashing out for fiat currency. In August 2021, Logan Paul began promoting a game, CryptoZoo, on his podcast Impaulsive. CryptoZoo is a blockchain-based game where players can purchase in-game cryptocurrency to buy eggs that would hatch into animals that users could crossbreed with other in-game animals.

Here’s How To Earn Cryptocurrency In 2023 With No Investment

But, he apologized again later and came up with a plan to refund investors. Paul also took issue with Findeisen’s interview with former CryptoZoo engineer Zach Kelling, who told Findeisen that he had a team of 30 engineers working on the project for $50,000 a week but were never paid. Episode of his podcast that CryptoZoo is “a really fun game that makes you money.” But that vision hasn’t exactly been realized.

  • Given Logan Paul’s dubious history on YouTube, it probably doesn’t come as a surprise that his CryptoZoo NFT project has allegedly turned out to be a scam.
  • Rather than addressing the allegations brought up by the internet detective, he tried to discredit Coffeezilla, instead shifting the blame onto the people he hired.
  • However, CryptoKitties plummeted not because the founder was a fraud and devs never got paid, but because a huge influx of users breeding cats diluted the rarity of each NFT, and because Ethereum had enormous gas fees at the time.

After the failure of Logan Paul’s CryptoZoo game to allow players to withdraw their crypto funds, Youtuber Coffeezilla investigated and accused him of scamming everyone involved. In this article, we’ll cover the Logan Paul Scam And CoffeeZilla Latest Updates. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.

Logan Paul’s Crypto Drama And Pet Pig Fiasco, Explained

This has nothing to do with crypto scam-hunter Stephen "Coffeezilla" Findeisen’s allegations that the as-yet-unreleased play-to-earn game was a scam. After going through Logan Paul’s video response to another YouTuber’s three-part series calling out his CryptoZoo NFT game as a scam, it’s hard not to come to the conclusion that investing in a Logan Paul project might not be a good idea. Owners of eggs allegedly could not hatch them until very recently, meaning the money they had sunk into the game gave them no returns yet. Especially for gen-z investors such as myself, the idea of video gamifying crypto and creating (in Logan’s words) “ a game where you also make money” sounds pretty interesting? Unfortunately, however, when you look deeper into Cryptozoo the red flags become apparent quite quickly.

logan paul crypto scam

YouTuber Detective/Journalist Coffeezilla, Stephen Findeisen via YouTubeIn a 2020 episode of his podcast Impaulsive, Logan Paul talked about his exciting new “game” with co-host Mike Majlak. Mike probed further, apparently confused by Logan’s use of the word “game,” instead of project or business. Eventually more information cam out about Logan Paul’s block-chain game “Cryptozoo.” The idea is users can buy eggs with a cryptocurrency token called “Zoo.” These eggs can then eventually be hatched and you will obtain a custom NFT of an animal. Since then, players have spent and lost millions of dollars in CryptoZoo. In a YouTube video series by Coffeezilla, Stephen Findeisen documented the scam. Investors and fans of Logan Paul claim that there is no way to cash out — and no way to hatch the eggs at all.

Hatching A Plan

“I got everything stolen from me and our community,” Paul said of the CryptoZoo fiasco, claiming that he and his manager Jeffrey Levin have only lost money on CryptoZoo. Blog has not published a new post since April 2022, and neither its Instagram nor Twitter page have posted any new content since May 2022. As for Paul, he posted a video in January titled “Why 2022 Was the Best Year of My Life.” It made no mention of CryptoZoo or Liquid Marketplace. Paul has not tweeted about Liquid Marketplace or posted in the Liquid Marketplace Discord since July.

  • The one-two punch of stories spread across social media has made Paul the subject of conversation across Twitter, TikTok, and other social media platforms.
  • Logan Paul, the YouTuber and wrestler has been saddled with a class-action lawsuit over “fraudulent actions” regarding his NFT game, CryptoZoo.
  • And let’s keep going, because like, I don’t have time to look back.” He then promised to put his “rocket fuel” behind the project.
  • Paul is no Sam Bankman-Fried — he is and always will be more of a Billy McFarland getting duped by Anna Delvey.

But this new exchange soon began to trace a similar pattern to its predecessors. Thanks to Paul’s initial boost on social media, investors https://marketbusinessnews.com/what-is-the-primexbt-scam-or-not/330899/ flooded into the platform, driving prices up. But the market quickly cooled, and Paul stopped promoting the project altogether.

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