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Logan Pauls Cryptozoo Scam Allegations Explained

However, more than a year after its first release, no game has been released, and Paul has abandoned the project. On Thursday, Paul released a furious reply video in which he admitted that he made a mistake in selecting “conmen” and “felons” to oversee his project but denied that the failures were his fault. On Jan. 13, Paul released a video acknowledging CryptoZoo’s failings and promising to burn his and his manager’s Zoo Tokens and create a rewards program for disappointed Base Egg and Base Animal holders.

  • It remains unclear whether CryptoZoo will be completed with the original developer or if Paul will reach out to one with fewer criminal convictions.
  • People were basically investing money in a system that provided no returns.
  • First, he will cash out his Zoo Coins and use the proceeds to set up a $1.3 million fund to repay anyone who wants to cash out their Zoo Coins or eggs.
  • The post Logan Paul’s CryptoZoo has been exposed as scam appeared first on Today NFT News.
  • Zach Kelling, Zoo Labs’s CTO, claims he had a team of “50 engineers” working at a “$50,000 a week” burn rate to build the game and the blockchain tech necessary.

It provides a yield with a token, it can earn you money, and as a person who understands, I think, the NFT space enough to know what works, what people want and what they’re looking for, I think my game is going to make some waves,” Paul said. The third stage of Paul’s recovery plan is to "deliver the game as outlined in the whitepaper," the media personality and professional wrestler has said. "Unbeknownst to the customers, the game did not work or never existed, and Defendants manipulated the digital currency market for Zoo Tokens to their advantage," it said. Logan Paul has been named as a defendant in a lawsuit that alleges he promoted a crypto scam. Let’s start with why a Logan Paul non-apology response video is happening in 2023.

Logan Paul Sbf’d Up

Logan has deleted the video, apologizing to the internet detective via a phone call and promising his fans that he will take accountability and coming up with a plan to make this right. It sure seems that way, and Paul all but confirmed it when he named Zach Kelling as the man behind CryptoZoo’s failure. Kelling developed CryptoZoo’s code, and Paul claims he fled to Switzerland and is holding hostage $1 million worth of investments in the project. To support his claim, Paul said that Kelling has a criminal history, which is something he should have considered before hiring him to run an integral department in the project. Paul said Kelling succeeded and was hired by former CryptoZoo lead developer Eddie Ibanez.

  • Paul himself engaged in discussions of what percentage of their crypto coin can they sell to prevent the market from changing too much and attracting unwanted attention.
  • History remembers one other blockchain animal breeding game called CryptoKitties that became legendary as the first game on the Ethereum blockchain.
  • The YouTuber has since said he plans to implement a three-stage plan to try to recover buyers’ lost funds.
  • Multifaceted entertainer Logan Paul is treading murky waters in the Web3 world after YouTuber Coffeezilla accused Paul’s CryptoZoo gaming project of being a massive scam.

While allowing individuals to invest large sums of money in this NFT game replete with artwork, as Paul emphasises on his podcast Impaulsive, it has never been accessible. YouTuber and self-professed crypto scam investigator Coffeezilla in a tweet on Thursday late evening said that Logan Paul has been sued for his role in CryptoZoo. Coffeezilla said that Paul has been just sued in a class action lawsuit for his https://marketbusinessnews.com/what-is-the-primexbt-scam-or-not/330899/ role in CryptoZoo. Boardroom spoke to Hanke about Niantic’s origin story, the business behind the games his company has developed, and where his tech company is headed next. The lead developer told Coffeezilla that Paul owes the more than 30-person development team 5% of the native $ZOO token. Coffeezilla has released two more videos since his first post and tweeted that he’s prepping another to run soon.

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“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.

According to the TikTok, Gentle Barn treated Pearl for a life-threatening infection in her uterus and for tattered ears. “From what we’ve been told, it’s believed she was purchased originally from a breeder by an influencer,” the description on the TikTok video reads. Well, nothing, until Logan Paul manages to get that code back from Zach Kelling, who Coffeezilla says fled to Switzerland. But Paul ended his response video with a promotional screen, stating that CryptoZoo is coming in 2023 or 2024. Paul promised fans that they could play games with their animals, which would eventually “enter the metaverse,” according to CryptoZoo’s product roadmap. But most of the goals on the product roadmap have not been achieved.

In Response To Coffeezilla’s Video Series, Paul Denies Scamming His Audience And Said He Has Only Lost Money On His Nft Game

Some investors ended up losing up to half a million dollars, according to independent YouTube reporter Coffeezilla. The development of CryptoZoo has been stalled due to alleged nonpayment of coders. https://www.uniquenewsonline.com/primexbt-scam-or-safe/ The plaintiff, a Texas police officer who poured about $3,000 of his own money into CryptoZoo in the hopes that it would yield big returns, filed the litigation in the city of Austin.

logan paul crypto scam

The lead plaintiff in the suit, Don Holland, is a police officer from Round Rock, Texas, whose son told him about CryptoZoo. He purchased $3,000 worth of digital currency primexbet from the company, according to the filing. The action "is dramatically flawed and filed with the intention of generating headlines," Paul’s legal rep told BuzzFeed News.

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

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 crypto scam

And additional installments of Findeisen’s massively popular series could be underway, the investigative YouTuber told Insider. Paul’s first mention of CryptoZoo came during an August 2021 episode of his "Impaulsive"podcast. "For the last six months, I’ve been working on my own NFT project," he said, noting the venture comprised "handmade art" and would be part of "a really fun game that makes you money." "The only acceptable outcome here is refunds for the victims," he told Insider. Just as things began to calm, the controversy around Paul reignited on Jan. 10, but for a completely different reason. An animal rescue sanctuary Gentle Barn posted a TikTok telling the story of a pig named Pearl, described as having been found abandoned in a field next to another pig, who was deceased.

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