Logan Paul from the NFT CryptoZoo project, accused of scamming his audience, has returned to assert his version in a new documentary. 

Logan Paul and the new documentary: his version on his NFT project CryptoZoo

Logan Paul, famous YouTuber and WWE fighter, is back in the spotlight with his NFT project CryptoZoo that, in the past, caused investors to lose money. Specifically, Paul once again claims that CryptoZoo is not a scam. 

In a new documentary “5 Months with Logan Paul”, journalist Graham Bensinger met with Paul and, regarding CryptoZoo, stated that Paul’s exposure “has led people to lose money”.

On this subject, here is how Paul responded: 

“Everything you just said has an element of truth. The problem is this. What you just described is not a scam. I took on a project that I simply wasn’t able to handle at that time. […] I didn’t make any money, brother. I lost half a million dollars on this project. Where’s the scam?”.

CryptoZoo was announced 3 years ago, with the launch scheduled for September 2021, but Paul’s NFT project still does not exist. In practice, Paul and his team sold NFTs and released a ZOO token, but the game has never materialized. 

With this documentary, Paul would like to confirm his version that his NFT project was difficult for him to manage, but that it was not a scam to investors. 

Logan Paul and the new documentary about his NFT project CryptoZoo

Continuing with the documentary, Paul also stated that he had suicidal thoughts because of his CryptoZoo project. He felt like he was entering a tunnel, from which he was able to come out.

Another thing that Paul does in the documentary dedicated to him is to promise that he will “take care” of those who have plotted to make it seem like he has set up his scam. 

In this regard, Logan Paul had received a class action, or collective legal action, in February 2023, precisely for the never-happened launch of CryptoZoo.

Not only that, such legal action is of the “rug pull” type, accusing Paul and his team of raising funds for a new token or NFT collection, without keeping the promises made about the benefits and advantages but abandoning the project and keeping the buyers’ funds.

And indeed, the accusations against the defendants speak of trading NFTs to buyers, claiming that they would have received benefits, rewards, and exclusive access to other crypto resources at a later time, as well as the support of an online ecosystem for using and trading NFTs. 

Refund to defrauded investors

After six months from his video in which he outlined his plan to fix things, which was in July 2023, Paul had not yet refunded any of his defrauded investors.

Once again, another unkept promise for the YouTuber, who had announced his three-phase plan to fix things, which was to start refunding.

The latest news on this topic, then, arrived at the beginning of January 2024, when Paul stated that he will “buy back” the CryptoZoo NFTs, but even here there would be a “scam”.

Basically, the program provides that holders of NFTs receive 0.1 ETH for each eligible NFT, but they must also waive any current or future claims against Paul. 

In January 2023, the YouTuber and boxer Logan Paul had declared that he would compensate about $1.5 million to investors of the NFT project “Crypto Zoo,” the latter having turned out to be a total failure.

In fact, parallel to the NFT collection, which has now lost almost all of its value, a game was also to be launched in which holders of these non-fungible tokens could participate and earn passive returns. 

The gaming ecosystem was never actually inaugurated and many users began accusing Logan Paul of fraud.

Eight months after promises of compensation, the public figure says he is working to reimburse his community but unfortunately still no one has gotten their money back.

The rug pull of Logan Paul’s “Crypto Zoo” NFT project

Two years ago, the famous YouTuber and boxer Logan Paul had announced the creation of his own NFT project, called CryptoZoo, which attracted a lot of attention within his community in the first few months.

The project consisted of a series of non-fungible tokens representing “digital eggs” that were to be hatched at the scheduled launch of a virtual game in which the NFTs in question would have utility.

The holders of these non-fungible tokens, according to the promises of the YouTuber, would have had access to the game with the possibility of receiving passive returns by creating a yield on their initial investment.

The reality of the facts is that the long-awaited gaming ecosystem was never launched, with investors losing hope after Logan Paul stopped mentioning CryptoZoo.

The NFTs in the collection started to see their value depreciated, going from an initial average floor price of 0.39 ETH, with a counter value of about $1350 according to Ether prices as of September 2021, to the current 0.025 ETH, corresponding to just over $40 (last sale and best offer on OpenSea).Essentially, items from the NFT project that has never seen the light of day outside of digital collector marketplaces have lost more than 95% of their US dollar countervalue.

Logan Paul’s entire community lashed out at him in the months that followed for not delivering on his promises, having effectively scammed the public with which he enriched himself on his YouTube channel.

As icing on the cake, it is worth noting that parallel to the junk NFTs that are now worth almost nothing, a cryptographic token, called ZOO, was also launched, which after rising rapidly in the decentralized markets for a few weeks began a rapid descent until it saw its value drop to zero.

Again, the token was supposed to serve as a utility token within the phantom game.

In February 2023, investors in the ZOO token and NFTs filed a filing in the form of a class action in the Western District Court of Texas to sue Logan Paul’s rug pull, which fraudulently promoted a set of products that turned out to be worthless.

The filing alleged that unbeknownst to customers, the promised game either did not work or never existed, and the defendants manipulated the crypto markets to their own advantage in order to profit financially on the backs of investors.

YouTuber says he is working to compensate investors disappointed by his NFT project

Given the shitstorm that occurred on the YouTuber’s various socials throughout 2022, Logan Paul had announced in January 2023 that he had devised a “3-step” compensatory plan to compensate all those who had lost money investing in CryptoZoo’s NFTs and the ZOO token.

In total he would promise to give back over $1.5 million to his community.

1 month after the release of the video message in which the boxer announced his willingness to return the lost money to investors, another prominent YouTube personality known as “Coffeezilla” publicly denounced Logan Paul, calling CryptoZoo an outright scam.

In a video interview he reportedly stated the following:

“I’ve spoken to the victims and have been watching their public Discord chat all year. The last time Logan communicated with them was in January. I’ve also reached out to Logan several times asking about this. 

According to the victims, there have been zero payments. There’s no excuse for this. Logan made a public statement about this, took credit for it, and has ghosted the victims.”

Now several months after the incident, no one has yet received the slightest compensation with the community still accusing the YouTuber of mocking his audience. 

However, the king of broken promises seems not to have forgotten what he said in January.

Indeed, during the recent presentation of a fight between him and boxer Dillon Danis that will take place on 14 October at the AO Arena in Manchester, he explicitly stated that he is “working” to reimburse investors involved in the CryptoZoo project.

Given his track record and aptitude for faking it on camera, we can only assume that his words will be part of yet another lie in a story that will go down in history as one of the biggest scams pulled off by a YouTuber.

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YouTuber and WWE fighter Logan Paul has yet to refund buyers of his CryptoZoo NFT game plan, accused of being a scam. 

Six months after his video outlining his plan to make things right, the promises he made have still not been fulfilled. 

Logan Paul of CryptoZoo NFT: the scam game and six-month-old promises not kept

According to what has emerged, it appears that Logan Paul, the YouTuber who launched his CryptoZoo NFT game project in 2021, appears to have scammed his audience. Basically, Paul and his team sold NFTs and released a ZOO token, but the game never materialized.

Because of this, the YouTuber, allegedly released a video of his own, a full six months ago, in which he announced how he was going to fix things in a “three-step plan,” which has yet to be fulfilled. 

Indeed, investigating the case from the very beginning was Stephen “Coffeezilla” Findeisen who reportedly stated the following:

“I’ve spoken to the victims and have been watching their public Discord chat all year. The last time Logan communicated with them was in January. I’ve also reached out to Logan several times asking about this.

According to the victims, there [have] been zero payments. There’s no excuse for this. Logan made a public statement about this, took credit for it, and has ghosted the victims.”

The only thing that is certain about the influencer is the February 2023 class action lawsuit alleging that Paul and his team deceived CryptoZoo buyers with a “knockout punch.”

In the meantime, however, what are Logan’s unfulfilled promises to the cheated buyers of CryptoZoo NFT?

Logan Paul of CryptoZoo NFT: the lie about the ZOO token burn

An early promise Paul made in his video with over 330,000 views, states that he and his manager Jeffrey Levin, would burn their ZOO token. 

The idea therefore is to send those ZOO tokens to a burning wallet, so that they would be destroyed, meaning that neither of them would be able to profit from their tokens. 

In the investigation carried out, however, it appears that this ZOO burn did not happen. In fact, at the moment, a game wallet used for such activity has been identified that appears to belong to those directly involved, but has been inactive since March 2022. 

BSC Scan data also record no significant ZOO burns for six months, although several burns from other wallets have occurred. 

At present, it is unclear to whom the various wallets belong, but what appears to be CryptoZoo’s game wallet holds 70% of the total token supply.

Of the other wallets that remained in the top 10 by total percentage of supply, none would execute the ZOO burn; in fact, two of them even received additional tokens, with a counter value of $15,000 each. 

Logan Paul of CryptoZoo NFT and the failure to refund buyers and more

Another statement by the YouTuber spoke of his “commitment” of $1.8 million to reimburse buyers of his NFT game project.

This is a second yet unfulfilled promise, which was aimed at holders of NFT Base Egg or Base Animal, purchased at 0.1 ETH each, equal to about $193 today. 

In this regard, a victim buyer of CryptoZoo, known by the pseudonym Just Pixel, reportedly stated the following: 

“I have invested a total [of] ~$15K. I was able to get just under $2K out before the price dropped completely to the floor. I did not get a refund. I also bought three of these egg NFTs at launch. I haven’t gotten a refund for those yet either.”

Logan Paul’s “scams,” apparently also involved his own team. And in fact, Zach Kelling, CryptoZoo’s engineer and first CTO, has reportedly been waiting since January to receive more than $1 million in fees for his work, which he said he completed with a team of 45 engineers.

CryptoZoo’s game never materialized

Finally, the last phase concerns the “CryptoZoo” game project, which actually still appears to be in development on its official website, with the same screen from 2022. 

Again, this is yet another promise from the WWE fighter that has not yet occurred. 

Specifically, CryptoZoo was announced in 2020, and it was scheduled to launch in September 2021. But even today, CryptoZoo does not in fact exist. 

As early as December 2022, there was no mention of the project on Logan Paul’s YouTube channel, which has more than 23 million subscribers. 

In any case, the ZOO token launched on the markets as early as July 2021, had touched its price high at nearly 0.5 mills in August of that year. 

Then, as early as October, ZOO lost all of its value, with only one rise to 0.25 mills in November 2021, the month of all-time highs in the crypto market.

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News for Logan Paul: the famous Internet personality and his NFT project CryptoZoo have been accused of being involved in a “rug pull” in a new class action lawsuit.

Announced in September 2021. CryptoZoo was marketed as an NFT-based game and advertised as “a self-contained ecosystem” that would allow virtual ZooKeepers to buy, sell, and trade exotic animals on the blockchain. Hatching them from eggs upon purchase.

NFT CryptoZoo: Here’s what’s going on.

A filing filed in the U.S. District Court for the Western District of Texas said the defendants “executed a ‘rug pull’. Promoting CryptoZoo’s products using Paul’s online following to consumers unfamiliar with digital currency products. Leading to tens of thousands of people purchasing these.

Moreover, a “rug pull” is a colloquial way to describe instances where a cryptocurrency developer raises funds, for example, for a new token or NFT line, by promising certain benefits to consumers. Except that the developers then abandon the project and fail to deliver the promised benefits, fraudulently withholding buyers’ funds.

According to the charges, the defendants allegedly marketed CryptoZoo’s NFTs to buyers.
Claiming that they would receive benefits, rewards, and exclusive access to other cryptocurrency resources at a later date.
As well as the support of an online ecosystem to use and market these NFTs.

The filing then claimed that unbeknownst to customers, the game did not work or never existed.
Defendants manipulated the digital currency market for zoo tokens to their advantage.

In addition, the filing alleged that immediately after completing the sale of all their NFTs, the defendants then transferred the money to wallets controlled by the defendants.

Who are Logan Paul and his NFT CryptoZoo project?

Paul, 27, currently has over 23 million subscribers on his YouTube channel, making him one of the platform’s biggest stars. A list of other defendants in the “Rug Pull” includes Paul’s assistant Danielle Strobel, Jeffrey Levin, his manager, Eduardo Ibanez, CryptoZoo’s main developer, Jake Greenbaum, one of CryptoZoo’s founders, Ophir Bentov and Ben Roth.

A lawsuit comes as Paul began to take some responsibility for recovering losses suffered by investors in CryptoZoo.
The online star took to Twitter last week to announce a $1.3 million rewards program for disappointed players, while also apologizing to well-known crypto YouTuber CoffeeZilla.

The latter had posted a series of videos criticizing Paul for his involvement in the CryptoZoo situation. Unfortunately, this is not the first time mainstream celebrities have come under scrutiny for their involvement in promoting NFT projects.

In August 2022, the U.S. consumer watchdog group Truth in Advertising (TINA) warned seventeen high-profile celebrities for allegedly promoting NFT without proper disclosures. Among them are Gwyneth Paltrow, Eva Longoria, Floyd Mayweather, Tom Brady, DJ Khaled, Snoop Dogg, and Paris Hilton.

Targeted NFT collections include the Bored Ape Yacht Club, World of Women and Autograph collections.
The group says the letters remind celebrities to clearly disclose any material connection to the NFT companies they are promoting.
citing long-standing Federal Trade Commission (FTC) rules.

Logan Paul and Coffeezilla: the dispute

Although YouTuber Coffeezilla has called the CryptoZoo game a “scam,” Logan Paul will not see him in court.
After becoming embroiled in an online feud with self-described “Internet detective” Coffeezilla, also known as Stephen Findeisen, Paul dropped legal threats he made some time ago via a controversial response video, now deleted.

In fact, Findeisen said he received the Logan call in which he confessed that he had deleted the two responses and was withdrawing his threats to sue. Prior to that, Paul had lashed out at Findeisen’s three-part video series criticizing Paul’s abandoned cryptographic game, CryptoZoo.

At a later date, the controversial YouTuber and WWE fighter claimed different things. In fact, in a Discord message, Paul said that his now-deleted response video, in which he accused Findeisen of creating “a defamatory piece” and threatened legal action, was, in fact, “reckless and misaligned with the real issue at hand.”

Saying, further, that the war was not with Findeisen and promising to take responsibility by presenting a plan soon. Paul, finally, had said in the video that “CryptoZoo is coming,” although it is unclear when, how, or even if that dream will come true.

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The celebrated YouTuber Logan Paul has seen his $623,000 investment in a non-fungible bee-shaped Bumblebee token from the Azuki collection called K4M-1 # 03 drop to just $10.

Azuki: successful NFT collection

Azuki’s NFT collection is considered one of the most “valuable” NFTs on the market. The reasons for this are attributed to its creativity and labor-intensive production. However, the value of Logan’s NFT has dropped dramatically due to the cryptocurrency market crash.

Logan Paul has invested over $2 million in NFTs in the past year or so, with Azuki NFT being his most expensive purchase to date.

Azuki NFT is not Paul’s only loss. In August 2021, the 27-year-old was also found to have purchased Genesis Rocks No. 65 and No. 68 for $1.55 million. The former has a value of only $25.

A year ago, I spent $623,000 on an NFT. Today, it’s worth essentially nothing.

I’ve immortalized this mistake in 99 Originals with an exact replica helmet & outfithttps://t.co/OzBRdQPxUK pic.twitter.com/srD2h4SgO7

— Logan Paul (@LoganPaul) July 13, 2022

Paul certainly lost a lot of money, but not as much as it seemed.

Logan Paul: An apparently failed NFT investment

According to DappRadar, Paul’s NFT is worth about $7,272 or $5.51 Ether (ETH) . The valuation underscores the nature of NFT pricing, even in the current down market.

DappRadar’s NFT estimates can be controversial. Twitter has exploded over the valuation of Three Arrows Capital’s Starry Night portfolio. But there really is no universal way to value NFTs, and in the end DappRadar’s valuation turned out to be higher than Nansen’s shown here:

7/ Their current estimated portfolio value* is 625 ETH, with 89% of the NFTs having low liquidity (less than 35 sales in the last 7 days)

*24H median price, or 7D where no sales in the last 24H

Source:https://t.co/Ky8QrH3cfl pic.twitter.com/aZykqEOSqS

— Nansen (@nansen_ai) October 4, 2022

DappRadar says its tool uses an automated calculation algorithm to determine appropriate prices based on market conditions.

“Our algorithm calculates what the price of an NFT is, which is consistent with historical sales data. It is not about predicting accurately, but finding a price that makes sense for current market conditions. This methodology allows the investor to assess how good the exchange price is, while also evaluating the importance of the sale within the collection market.”

a DappRadar spokesperson told CoinDesk in an email.

 Overall, DappRadar puts Paul’s NFT collection at just under $1 million.

In December 2021, Paul tweeted that he spent $2.645 million to assemble his NFT collection.

began collecting NFTs this year…

– acquired 139 total
– spent $2.645M
– first collection: @worldofwomennft pic.twitter.com/ci7p9TXoRe

— Logan Paul (@LoganPaul) December 25, 2021

Now, it is worth about $37 percent of what he paid for it. While most NFTs in the collection have suffered double-digit losses, there are also some double-digit gains:

https://dappradar.com/hub/wallet/eth/0xff0bd4aa3496739d5667adc10e2b843dfab5712b/nfts-financial

 Non-fungible tokens record ownership of digital and physical assets through a blockchain or cryptocurrency network. 

Nowadays, many people have envisioned it as a profitable way to sell digital art.

Unfortunately, NFT trading volume has plummeted by 97%, with BTC holding steady in the range of $19,000 to $19,500 until four days ago, but financiers are waiting for convincing evidence that the uptick can happen.

The biggest driver is clearly the ongoing global economic recession: prices continue to rise at an alarming rate around the world. 

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