Popular YouTuber and influencer Logan Paul has come under fire yet again after he failed to refund CryptoZoo NFT buyers six months after promising to do so.
In a recent YouTube video, crypto journalist and online detective Stephen Findeisen, better known as Coffeezilla, said Paul has not paid back the victims of his “scam” project CryptoZoo so far.
“Paul has not paid back his victims. He hasn’t talked about it since he first announced he was going to pay them back. And what’s worst of all, he doesn’t seem to have a plan in place to refund anyone.”
Coffeezilla mentioned that he has been constantly asking Paul for an update regarding the refunds but has not received any replies.
He noted that he eventually got a response from Paul’s criminal defense lawyer who said the team is still working to “evaluate the best way to achieve this goal.”
The crypto detective said that the response from Paul’s criminal defense lawyer was “worse than” what he expected as it lacked both a timeline for refunds and a plan.
“This is a statement you say when you have no plan or you are stalling,” he said.
“Just please pay the people back what you owe, give them a real timeline, a real plan, and then we can all go back to pretending you’ve changed.”
The Logan Paul-Coffeezilla Cryptozoo Controversy Explained
CryptoZoo was launched in September 2021 with much fanfare, with Paul himself being one of the founders of the project.
Prior to its release, Paul touted the game as unique and revolutionary in the crypto space, promising fans the opportunity to make money while playing.
The game utilized its own cryptocurrency called ZooCoin, with buyers able to purchase “eggs” that would hatch into randomized animals with different rarities.
These animals could then be bred to create cross-bred creatures that would act as NFTs. The NFTs could be held or burned to earn more ZooCoin, purportedly providing buyers with significant returns on their investments.
However, in a three-part series of videos uploaded at the end of 2021, Coffeezilla alleged that CryptoZoo had been largely abandoned shortly after its launch.
He claimed that Paul distanced himself from the project, despite the extensive pre-release attention he had given it.
The YouTuber also highlighted the experiences of buyers who were fans of Paul, stating that many core features of CryptoZoo, such as hatching eggs, were unavailable to certain consumers, causing them to lose hundreds of thousands of dollars.
One of the key controversies uncovered by Coffeezilla was the involvement of high-ranking individuals behind the scenes of CryptoZoo.
According to the investigator, these individuals made millions of dollars from ZooCoin, causing the devaluation of the coin.
In response to Coffeezilla’s allegations, Paul released a video blaming the co-founders and advisors of CryptoZoo for any wrongdoing and sensationalizing the story. He even threatened to sue Coffeezilla.
However, Paul later retracted his comments and issued an apology, acknowledging that his initial response was brash and did not address the true issues at hand.
He also pledged to refund the victims, a promise he has yet to fulfill
Logan Paul has been under fire recently for failing to refund CryptoZoo NFT buyers six months after promising to do so. In April 2022, Paul promoted CryptoZoo, a project that promised to be a play-to-earn game where users could collect and breed digital animals. However, the game never saw the light of day, and many NFT buyers are now out of pocket.
In January 2023, Paul announced that he would be refunding NFT buyers who had not yet received their game tokens. However, six months later, many buyers are still waiting for their refunds. Some buyers have even filed a class-action lawsuit against Paul and the other developers of CryptoZoo.
Paul has defended himself, saying that he is working to get the refunds out as quickly as possible. However, many buyers are skeptical of his promises, and some have even accused him of fraud.
The situation with CryptoZoo is a reminder of the risks involved in investing in NFTs. While NFTs can be a valuable asset, they are also a new and volatile market. It is important to do your research before investing in any NFT project, and to be aware of the risks involved.
Here are some of the key points to take away from the situation with CryptoZoo:
- Logan Paul promoted CryptoZoo, a project that promised to be a play-to-earn game.
- The game never materialized, and many NFT buyers are now out of pocket.
- Paul has promised to refund NFT buyers, but many are still waiting for their refunds.
- Some buyers have filed a class-action lawsuit against Paul and the other developers of CryptoZoo.
- The situation with CryptoZoo is a reminder of the risks involved in investing in NFTs.
It is important to note that this is still a developing story, and it is possible that Paul will eventually be able to fulfill his promises to refund NFT buyers. However, the situation is a reminder of the risks involved in investing in NFTs, and it is important to do your research before investing in any NFT project.