- Everything You Need To Know About Logan Paul And The Cryptozoo Debacle
- Logan Paul’s Initial Response Video To Coffeezilla
- Logan Paul Apologized To Investors Of Cryptozoo And Promised A Refund
- Coffeezilla Says Logan Paul Still Hasn’t Refunded Cryptozoo Nfts On Joe Rogan Podcast
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“I basically thought that if it gets a good marketing push from this guy that’s so world-renowned, it will take off,” Dan says. (Dan works in financial services and requested TIME not print his last name out of professional concerns.) Dan also has two children, and thought the animal aspect had family appeal. “If the game is any good and it can make you money, it could be something that you can play on the side, and my kids can have a go,” he says. "I will be responding to Logan’s apology video when it happens, but until I know his plan of action, I don’t know what I can share other than there were severe errors in his first two videos that I plan on correcting," he added. Felling told Findeisen he’d withheld the code because he hadn’t been paid. In a LinkedIn message posted on January 5, Kelling said his development team was "owed over $1 million," and that they’d "quit the project because Logan didn’t pay us for our services rendered."
"The fact Logan is suing me instead of the criminals and con men he hired says it all," Findeisen told Kotaku. "He took zero accountability. Zero apologies. He just wants to save his own reputation." If that’s true, it’s yet another damning indictment of the crypto industry writ large, which talks a huge talk but time and again gets sucked into scams, fraud, and general drama.
The Cryptozoo Twitter account went silent in May 2022 while Logan Paul stopped talking about the game and moved on. After a lot of back and forth on social media, Logan released his response video. 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. Since players were only able to indulge in a https://marketbusinessnews.com/what-is-the-primexbt-scam-or-not/330899/ few aspects of the game — which involves spending money — many of them feel scammed. Some shared they even spent thousands of dollars buying $ZOO tokens and eggs with hopes of breeding coming soon after. CryptoZoo and Logan Paul have been named as defendants in a newly filed class-action lawsuit, which alleges they stole millions of dollars worth of purchaser’s cryptocurrency via a "fraudulent venture."
The rarer the breed, the more in-game crypto a player could receive, buying more eggs or cashing out for fiat currency. Everyday investors and fans of Logan Paul started buying up Zoo coins and eggs with stars in their eyes, trusting Logan’s word and truly believing they were going to make money. In Coffeezilla’s three part investigation of Paul, we saw a myriad of everyday people talk about losing anywhere from $10,000 to over $200,000 on Cryptozoo.
Everything You Need To Know About Logan Paul And The Cryptozoo Debacle
CoffeeZilla added that Paul is making a third response, which I’ll be delaying my video to include. Hopefully, this time, he will take accountability and refund the victims of CryptoZoo. Controversial American internet personality Logan Paul has been named as a defendant in a lawsuit filed by police officer Don Holland prime xbt in the Western District of Texas. The lawsuit, which has been filed on behalf of all similarly affected individuals, accuses Paul of involvement in a crypto scam through his company, CryptoZoo Inc. When TIME interviewed Paul in April, what Paul really wanted to talk about was his new crypto project, Liquid Marketplace.
- It reminded everyone who they are dealing with when it comes to Logan Paul.
- This is connected to the alleged misinformation Coffeezilla is spreading with his videos as well as an "illegal recording" being used in the three-part YouTube series.
- Post, the animals could yield holders passive income in the form of the ZOO token.
- Discussion of ways to get around SEC rules in order to make the founders money at the cost of their investors.
- It seemed like some time in 2021, they abandoned the project, thus causing hundreds of investors to lose millions of dollars collectively.
After he said he was gonna do it, he’s posted nothing — there’s no way to get a refund,” he explained. Coffeezilla has explained why he feels this refund scheme offers “nothing” for the majority of claimed scam victims. Logan Paul’s Latest video was posted on January 13 and quickly went viral on Twitter.
Logan Paul’s Initial Response Video To Coffeezilla
This could spell trouble for Coffeezilla, but this is dependent on complex inter-state law and will probably become clearer in the near future. Coffeezilla observed that, since the launch of CryptoZoo in 2021, Paul supporters had spent almost $2.5 million on eggs alone, with the currency itself increasing to a market worth of approximately $2 billion. Coffeezilla remained unconvinced and revealed that the refund plan does “nothing” for most victims of the alleged scam. Paul quickly responded with a threat of legal action, followed by an apology and a $1.3 million refund program for CryptoZoo investors.
TIME understands that several employees at Liquid were laid off at around the same time last fall. Ryan Bahadori, Liquid Marketplace’s CEO, did not respond to a request for comment on the layoffs. A representative for Paul did not immediately respond to these claims. “I’m like, okay, something didn’t turn out the way I expected it to. 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.
Logan Paul Apologized To Investors Of Cryptozoo And Promised A Refund
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. 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.
- There was a bunch of other stuff Coffeezilla said, that Logan claimed was just blatantly untrue, like the game not working at all.
- 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, a controversial YouTuber, launched a crypto-related gaming project called CryptoZoo, and over a year after the launch was accused of numerous business malpractices by another YouTuber Coffeezilla.
- In the end, the plaintiff wants repayment for copious damages, from attorney’s fees and the costs of action to civil penalties and mental anguish.
- TIME asked the analytics company MyChargeBack to conduct blockchain research about Paul’s ties to Dink Doink.
- Coffeezilla accused Paul of defrauding investors and leaving them after selling them “worthless” digital content in his videos, which have roughly 19 million views.
However, the program does not include the defendants’ profitable Zoo Tokens used to participate in the failed CryptoZoo or the third set of CZ NFTs, Hybrid Animals. But Paul did spend some time addressing the controversy on the latest episode of his Impaulsive podcast Wednesday. That because Paul is a public figure, he would need to prove “actual https://www.uniquenewsonline.com/primexbt-scam-or-safe/ malice” or that Findeisen published the videos with a “reckless disregard for the truth” in order for a court to take Paul’s case seriously. And Findeisen spoke with over six different people who claim to have lost thousands each from their CryptoZoo purchases. In total, just six of the individuals claim to have collectively lost nearly $600,000.