Logan Paul NFT Scam Cost Investors Millions

Logan Paul is back in the spotlight again, but for the wrong reasons. His NFT project, CryptoZoo, turns out to have been a scam from the start. This is according to a comprehensive investigation of the project by Stephen Findeisen, popularly known as Coffeezilla.

The popular YouTuber has made a name for himself by exposing scams and fake gurus to enlighten his followers. And for this, he has earned a huge audience, currently boasting over 2 million followers on his YouTube channel.

Most of his investigations center around financial scams, and his latest covered CryptoZoo, an NFT project by Logan Paul. In a three-part series running over one hour, he uncovers the fine details of the project and how many investors lost millions after what was promised failed to be delivered.

According to Logan Paul, CryptoZoo was a “really fun game that earned you money.” It featured exotic animals that could be bought, sold, and traded.

CryptoZoo had an in-game currency dubbed “Zoo.” Players would use Zoo coins to buy egg NFTs that would hatch into animals. Once you hatch the eggs, you could breed the animals to get hybrids. The rarer the hybrid, the more Zoo coins you earn. In other words, the game offered players a way to earn passive income. Long story short, they tried to copy CryptoKitties, as Coffeezilla discovered.

The core team was made up of four individuals: Logan Paul, the guy with the idea, Jeff, who was his manager, Jake, better known as Crypto King, who served as the advisor, and Eddie Ibanez, who was in charge of development.

It Was All About The Money For The CryptoZoo Team

From their private chats, which Coffeezilla managed to obtain, the guys were concerned about money from the start. However, they were afraid of falling on the wrong side of the SEC if they did a presale. So, they opted to launch the game without anyone knowing and mint their tokens a week before announcing the official launch.

And this is where the trouble began. What would ensue was treachery and betrayal, which left the project in limbo. Unfortunately, it was the investors who had pumped millions into the project who were left holding the short end of the stick. Logan used his influence to sell the idea to his audience. Many who believed him got into the project, where nothing works.

A year after the project launched, many investors are still holding onto their Zoo tokens, hoping the team delivers on what it promised. On his part, Logan blames some of his core team members for the failure of the project. He promised to disclose his side of the story on January 3, 2023, on his podcast.

That said, as Coffeezilla would find out, Paul wasn’t the only one to blame for this mess. Jake the Crypto King was responsible for rug pulling the project and allegedly profiting to the tune of $6 million. And Ibanez failed to pay developers, who ended up holding the code. To make matters worse, the guy was a con. He had created a fake image for himself, managing to fool even some very influential individuals.

Leave a Reply

Get Your Weekly NFT NEWS

Subscribe to NFT News Today and receive notifications on new NFT posts