Logan Paul Under Fire for CryptoZoo Scam



Logan Paul’s NFT recreation ‘CryptoZoo’ is at the moment embroiled in controversy following a three-part sequence by investigative YouTuber, Coffeezilla (actual title Stephen Findeisen).

Since 17 December, Findeisen has uploaded a three-part sequence on Logan Paul’s rip-off blockchain recreation, CryptoZoo. The sequence dismantles the controversial NFT recreation and spotlights the numerous buyers who’ve misplaced tens of millions within the apparently defunct undertaking. 

The video sequence at the moment has a mixed view rely of 13.2 million. 

This isn’t Coffeezilla’s first investigation into crypto scams. Stephen Findeisen is a web based sleuth and YouTuber who makes a speciality of uncovering scams and fraudsters. Over the previous few years, he has been specializing in uncovering scams within the blockchain and NFT area. His channel description has a nugget of knowledge that summarizes his common ethos. “If you must ask… it’s in all probability too good to be true.” On the time of writing, his channel has over 2.1 million subscribers. 

His work has earned him a profile within the prestigious New Yorker journal, which painted him as one thing of an unsung hero poking round within the darker facet of crypto and NFTs. A video sequence on the Save the Youngsters token is widely known as his transition to a extra critical, investigative fashion of content material. Movies by Findeisen unfold the phrase in regards to the pump-and-dump scheme, in the end dooming it.

As of Tuesday, 27 December (UTC), each Findeisen and Paul have invited one another onto their respective exhibits to debate the controversy.

What Is CryptoZoo?

Logan Paul’s CryptoZoo was billed as an NFT-based recreation the place gamers may earn passive revenue. The thought for the undertaking first appeared in an episode of Paul’s Impaulsive podcast. In line with Paul, the staff behind the undertaking had spent six months making “handmade” animal-based NFTs. 

It was Paul’s intention to lift a million {dollars} to create the sport and NFTs. Gamers may buy NFT “eggs” of the animals, which might be “bred” and minted to create distinctive NFTs on the recreation’s launch. To accumulate the eggs, gamers needed to buy the sport’s ZOO token

NFT eggs price $2.5 million had been offered on the time of launch. Nonetheless, by October, ZOO had misplaced virtually all of its worth. Its value has solely dropped since.

The YouTube influencer has beforehand blamed the sport’s developer for its obvious implosion. In line with Paul, the developer created a code after which absconded to Switzerland. The developer apparently wouldn’t return the code except Paul paid him a million {dollars}. The undertaking’s developer disputes this and maintains that he was by no means paid.

CryptoZoo was as a consequence of launch in September 2021, however as of right now, the undertaking does not exist. The web site at the moment says it “is present process upgrades to the core infrastructure of the ecosystem.” 

The website at the moment says that it’s “nonetheless beneath building and could be present process upgrades to the principle infrastructure of the ecosystem.” The undertaking’s official Twitter profile has posted nothing since 28 Could.

Logan additionally seems to have eliminated all references to the undertaking from his YouTube channel.

This Isn’t Logan Paul’s First Crypto Rip-off

Logan Paul beforehand tried to pump Dink Doink (DINK), a meme coin that he implied he had no involvement in. It subsequently got here out that Paul had helped create the “character.” In a video and tweet, he described the undertaking as “the dumbest, most ridiculous shitcoin I’ve ever seen. And that’s why I’m all in.”

In line with CoinGecko, there’s 100 quintillion DINK available on the market, with every price lower than one trillionth of a cent. Successfully making them completely nugatory. 

Disclaimer

BeInCrypto has reached out to firm or particular person concerned within the story to get an official assertion in regards to the latest developments, but it surely has but to listen to again.





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