Logan Paul Fights Back, Says CryptoZoo Project Wasn't A Scam

Logan Paul Fights Support, Says CryptoZoo Mission Wasn’t A Scam

YouTuber Logan Paul addressed accusations concerning his gross CryptoZoo non-fungible token (NFT) in a March 27 documentary titled “5 Months with Logan Paul,” pointing out within the movie that the NFT mission became no longer a rip-off.

The documentary sheds gentle on Paul’s level of view on the mission and parts journalist Graham Besinger detailing the demise of the NFT mission and the backlash and allegations that sprung up.

Logan Paul Admits Allegations Has “Divulge of Reality”

Besinger alleged within the documentary that Logan Paul’s CryptoZoo NFT became a mess that resulted in mountainous losses for individuals, resulting in a spate of allegations and threats against the YouTuber.

Paul admitted that whereas the allegations had a part of reality, the NFT mission became no longer a rip-off.

“Every part you correct stated has a part of reality to it,” he stated. “Right here’s the declare. What you correct described isn’t a rip-off. I took on a mission that I became simply incapable of handling on the time.”

He extra disclosed that he didn’t revenue from the mission nonetheless suffered a loss of “half 1,000,000 bucks.”

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YouTuber Logan Paul argues CryptoZoo ‘isn’t a rip-off’ in novel documentary

— Whalefud.eth (@WhaleFUD) March 28, 2024

Meanwhile, the YouTuber eminent that the failure of CryptoZoo led him to absorb suicidal recommendations.

“For the most necessary time in my existence I became having suicidal recommendations,” he stated. “I became correct spiraling, Graham. Spiraling. I became crying, like sobbing … I felt inclined, which is unprecedented for me. I’m presupposed to be the leader.”

Logan Paul first presented the CryptoZoo NFT mission on his YouTube podcast in August 2021.

The mission became impressed by Pokémon nonetheless became designed as a fun game the set collectors would possibly per chance per chance also possess eggs and breed them to receive uncommon NFTs.

And whereas the mission generated quite a lot of excitement, it never in point of fact took off. This became after collectors had bought the preliminary 10,000 collectibles (priced at 0.1 ETH on the crew). The dev crew realized it complex to bring the game to fruition, as they presented more than one delays as time handed.

Rapidly after CryptoZoo’s give plot, Coffeezilla, a in style YouTube journalist, published a 3-share docuseries to declare problems with the game, detailing the tribulations of traders who suffered monetary losses.

Coffeezilla’s exposè published that Logan Paul employed more than one con males to work on the mission, including a developer is named “Z,” who held the CryptoZoo supply code hostage for $1M.

A class-action lawsuit became filed against Logan Paul in February 2023 basically basically based on the allegations that CryptoZoo became a “spurious mission.”

Whatever the lawsuit, Paul presented a $2.3M buyback program in January 2024, pledging to buy all NFTs at their long-established prices. The tokens are down 99% from their all-time excessive of $0.0004963 in August 2021.

As of late, I'm incredibly overjoyed to whine that I'm delivering on my promise to buy again Incorrect Egg and Incorrect Animal CryptoZoo NFTs for his or her long-established possess imprint. This buy-again program is being implemented at https://t.co/XIQzLAGKiG. Claims would possibly per chance per chance even be submitted through this utter… pic.twitter.com/VMPDHvdXkq

— Logan Paul (@LoganPaul) January 4, 2024

Crypto Scams Continue to Cruise Excessive

While the CryptoZoo NFT fiasco has gotten some publicity, crypto scams proceed to expand, correct form alongside with the rising preference of traders and traders attracted to digital resources.

In step with BBB Scam Tracker annual files, over 67,000 scams had been reported in 2023 representing mountainous monetary losses.

The Chainalysis 2024 crypto crime trends document additionally confirmed that illicit addresses got $39.6B and $24.2B charge of cryptocurrency in 2022 and 2023, respectively.

But every other document by Scam Sniffer published that hackers inclined a phishing crypto rip-off to drain $300M from 320K traders and traders in 2023. The web3 anti-rip-off solution firm additionally reported that $46.86 million charge of crypto became stolen by scams in February 2024.

Source : cryptonews.com