Notable setbacks occurred with Logan Paul’s CryptoZoo, an NFT-based play-to-earn game. Those who had invested in his CryptoZoo crypto NFT enterprise, and were impacted by the alleged rug pull, had Paul publicly announce a $1.5 million compensation scheme in January of this year.
Eleven months have gone by, and investors still haven’t received their promised payments, making the issue remain unsolved. Despite his enthusiasm at the outset, Paul is now worried about the project’s viability and potential problems.
What happened with CryptoZoo and Logan Paul?
When US Champion Logan Paul was accused of tricking his fans about an NFT game called CryptoZoo, which came out in 2021, it caused a lot of issues eleven months ago. In addition to launching the ZOO token, Paul and his colleagues sold NFTs.
Paul released a video on January 13 describing his “three-step plan” to handle the matter after being under investigation by YouTubers like Stephen “Coffeezilla” Findeisen. A month down the road, he was hit with a class action complaint that accused him of deceiving and “rug-pulling” CryptoZoo customers.
A long time passed after promising to reimburse victims of his CryptoZoo project $1.8 million. In September 2023, Logan Paul provided an update, implying that a settlement was approaching. While advertising his bout with Dillon Danis on September 27th, Paul spoke about CryptoZoo’s situation on Ariel Helwani’s MMA Hour.
Although he was first reluctant to discuss the matter for legal reasons, he ultimately brought it up and reaffirmed his promise to help people affected. However, he did not provide any information about when or how the problem would be resolved.
Did Logan Paul return $1.5 million to ‘CryptoZoo’ victims?
‘Coffeezilla’ exposed the dangers of the NFT business in early 2023 by calling Logan Paul’s CryptoZoo crypto project a huge scam. Paul has still not refunded investors $1.5 million, eleven months after promising to do so. According to YouTuber ‘Kavos,’ Paul’s “best offer” only covers 5-10% of damages, calling it an “absolute disgrace” and suggesting that this is why there’s a delay.
According to Kavos’s “reliable sources,” Paul should be held more accountable and should show more empathy. The criticism is intensified by Paul’s effort to deny the case before the offer. Paul launched the NFT project CryptoZoo in 2021, but investors are now feeling remorse for putting money into what seems to have been a failing venture.
Some followers have resorted to threats in their online demands for accountability and expressions of anger. There is still no clear closure to the CryptoZoo incident, which casts doubt on Paul’s credibility. Unfortunately, his NFT firm suffered a setback, even though his beverage business became the talk of the town.
Do you think Logan scammed his investors even being a prominent figure in the wrestling community? Share your thoughts in the comments.