Logan Paul responds to allegations exposing his Crypto Zoo project as a scam. What you need to know
Logan Paul is one of the many social media influencers who decided to delve into the world of crypto and run their own NFT project.
As happens often in such cases, when influencers capitalize into their following to run their own crypto project, the end results haven't been good to their followers. Namely, it has ended with followers losing money. Sometimes, even their life savings.
Recently, a popular Crypto YouTuber and journalist, CoffeeZilla ran a story about Logan Paul's failed Crypto Zoo project, a Blockchain based game with NFTs that was never developed.
In the video, CoffeeZilla shows how Logan and his partners came up with the idea, how they prepared for the launch, how they planned to take advantage of the investors, and defraud each other. It was a game of scammers, with the lead founders front running investors by stealth launching and buying the tokens from the LP at discount months before the official launch.
Worth to watch the investigation in CoffeeZilla's YouTube channel
Furthermore, the game developers came forward and stated that they were never paid any of the money they were promised.
It looks like the investigation shook Logan because not only his reputation might be done forever, but opens him to legal blow backs from project investors who believe they have been defrauded.
After a year of inactivity, he made a comeback in the CryptoZoo Discord to claim that he is still around and hasn't given up on the project.
Then, Logan Paul made a video on his channel attacking CoffeeZilla about his investigation, and tried to deflect the blame to two of his; co-founders Crypto King who cashed out $6 million, and lead-developer Eddie Ibanez who cashed out $1.6 million.
Nevertheless, the YouTube response made him sound even more disingenuous and incompetent as it brought to light that he had hired a team of scammers whom he had never vetted.
With everything happening, there was no apology to the investors who were rugged of their funds. Moreover, it was not communicated whether there is a plan to make those investors who found themselves holding the bags whole again. Instead, Logan Paul closed his video with a threat to sue CoffeeZilla over his scam allegations and investigation.
You can see Logan Paul's response here
The project that the videos refer to is this one;
Its $ZOO token's price chart looks something like this. Depressing and abandoned.
One thing is certain, being an investor in crypto comes with high risks. Most of the players are in it for the money.. and will do everything to get it. Better do your own thorough DYOR before committing to investing in a project.
Disclaimer: This article aims to make sense of what is happening with the project that Logan Paul was launching and how it was exposed to damage its investors and backers.
This article is not aimed to promote any project, token or NFTs.
(Images from social media, CryptoZoo.co, & Coinmarketcap under fair use. Dividers courtesy of @brando28)
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It is concerning to hear about the allegations that Logan Paul's Crypto Zoo project was a scam that defrauded its investors. It is important for individuals to thoroughly research and evaluate any potential investments, particularly those involving crypto and NFTs, in order to minimize the risk of losing money. It is also crucial for those in positions of influence, such as social media influencers, to be transparent and honest with their followers about the projects they are involved in. It remains to be seen what the legal consequences will be for Logan Paul and the others involved in this alleged scam.
Great insights. Let's hope things turn well for investors