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CryptoZoo was a project associated with YouTube star Logan Paul.[1][2][3] Launched in 2021, it promised a unique blend of cryptocurrency and Non-Fungible Tokens (NFTs) within a game.[4][5]
Background
CryptoZoo was marketed as an "autonomous ecosystem" where users could buy, sell, and trade exotic animals and hybrids using NFTs.[6][7] Collectors purchased cartoon egg images as NFTs, with the expectation that they could hatch these eggs into randomly chosen animal images.[8][5][4] The project also introduced a linked cryptocurrency called $ZOO.[3]
Despite raising millions of dollars by selling NFTs and crypto coins, CryptoZoo failed to deliver on its promises.[9][10][11] A project roadmap outlined various games incorporating the animal NFT images, but none of these features materialized and no playable game emerged.[2][4]
Logan Paul's Involvement
Logan Paul, with over 23 million YouTube subscribers, initially promoted CryptoZoo as a "really fun game that makes you money."[12] He claimed to have spent around one million dollars on developing the project, emphasizing the massive team behind it.[5] However, after the initial hype, Paul stopped discussing CryptoZoo and seemingly abandoned the project.[13][14][15]
Investigation and Apology
Cryptocurrency scam investigator Stephen Findeisen (known as Coffeezilla on YouTube) exposed CryptoZoo as a scam.[16][17][18] In response, Logan Paul posted an angry video, admitting mistakes in hiring "conmen" and "felons" for the project.[5] He threatened to sue the investigator but later deleted the video and apologized.[19][20]
Class-Action Lawsuit
A class-action lawsuit was filed against Logan Paul, alleging that CryptoZoo was a "fraudulent venture."[21][22][23] The lawsuit accused Paul and his associates of taking millions of dollars' worth of participants' cryptocurrency through the project.[22][24]
References
- ^ "How Logan Paul's Crypto Empire Fell Apart". TIME. 2023-02-02. Retrieved 2024-05-16.
- ^ a b "The Rise and Demise of CryptoZoo: A Deep Dive Into Logan Paul's NFT World".
- ^ a b "Logan Paul announces he will buy back NFTs from his failed CryptoZoo project". NBC News. 2024-01-05. Retrieved 2024-05-16.
- ^ a b c Mae, Zifa (2023-12-13). "CryptoZoo: Rise and Fall of Logan Paul's NFT Project". changelly.com. Retrieved 2024-05-16.
- ^ a b c d "YouTube star Logan Paul apologises for CryptoZoo project failure". 2023-01-09. Retrieved 2024-05-16.
- ^ "Logan Paul Faces 'Rug Pull' Class-Action Lawsuit Over CryptoZoo NFTs". Yahoo Finance. 2023-02-03. Retrieved 2024-05-16.
- ^ "Class Action Lawsuit Filed Against Logan Paul Over CryptoZoo NFTs". Binance Square. Retrieved 2024-05-16.
- ^ Alexander, Victor (2023-01-10). "Logan Paul, a popular YouTuber, apologizes for the CryptoZoo project's failure". InsideBitcoins.com. Retrieved 2024-05-16.
- ^ Sung, Morgan (2024-01-05). "Logan Paul promises CryptoZoo refunds, as long as you don't sue him". TechCrunch. Retrieved 2024-05-16.
- ^ Reynolds, Sam (2023-02-03). "Logan Paul Named in Proposed Class-Action Suit for CryptoZoo 'Rug Pull' After CoffeeZilla Expose". www.coindesk.com. Retrieved 2024-05-16.
- ^ Glover, George. "Logan Paul is being sued for promoting a failed crypto game that asked people to buy NFTs but never launched". Markets Insider. Retrieved 2024-05-16.
- ^ "Logan Paul offers partial refund for failed CryptoZoo game". 2024-01-05. Retrieved 2024-05-16.
- ^ "BitKan - Buy Bitcoin, Ethereum and Altcoins With Ease". BitKan.com. Retrieved 2024-05-16.
- ^ "YouTuber Logan Paul's CryptoZoo NFT project is a total mess". Yahoo News. 2023-01-06. Retrieved 2024-05-16.
- ^ "Logan Paul accused of not refunding CryptoZoo victims". Dexerto. 2023-07-01. Retrieved 2024-05-16.
- ^ Coffeezilla (2022-12-16). Investigating Logan Paul's Biggest Scam. Retrieved 2024-05-16 – via YouTube.
- ^ Haylock, Zoe Haylock, Zoë (2023-01-06). "Logan Paul SBF'd Up". Vulture. Retrieved 2024-05-16.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ Weiss, Geoff. "As backlash intensifies, Logan Paul apologizes for disaster-ridden crypto venture. Here's how we got here, and what's next". Business Insider. Retrieved 2024-05-16.
- ^ Corby, Donagh (2023-01-08). "Logan Paul withdraws threat of legal action over $6m crypto "scam" documentary". The Mirror. Retrieved 2024-05-16.
- ^ Broersma, Matthew (2023-01-10). "YouTuber Apologises For Failed NFT Project CryptoZoo | Silicon". Silicon UK. Retrieved 2024-05-16.
- ^ "Logan Paul Slapped with Class Action Lawsuit By CryptoZoo Investor | CoinMarketCap". CoinMarketCap Academy. Retrieved 2024-05-16.
- ^ a b Jarrett (2023-02-09). "Class Action Filed Against Logan Paul, CryptoZoo". Ellzey & Associates, PLLC. Retrieved 2024-05-16.
- ^ "Logan Paul announces he will buy back NFTs from his failed CryptoZoo project". NBC News. 2024-01-05. Retrieved 2024-05-16.
- ^ "Logan Paul and CryptoZoo Sued in a Class Action Lawsuit". Binance Square. Retrieved 2024-05-16.