Logan Paul from the NFT CryptoZoo project, accused of scamming his audience, has returned to assert his version in a new documentary.
Summary
Logan Paul and the new documentary: his version on his NFT project CryptoZoo
Logan Paul, famous YouTuber and WWE fighter, is back in the spotlight with his NFT project CryptoZoo that, in the past, caused investors to lose money. Specifically, Paul once again claims that CryptoZoo is not a scam.
In a new documentary “5 Months with Logan Paul”, journalist Graham Bensinger met with Paul and, regarding CryptoZoo, stated that Paul’s exposure “has led people to lose money”.
On this subject, here is how Paul responded:
“Everything you just said has an element of truth. The problem is this. What you just described is not a scam. I took on a project that I simply wasn’t able to handle at that time. […] I didn’t make any money, brother. I lost half a million dollars on this project. Where’s the scam?”.
CryptoZoo was announced 3 years ago, with the launch scheduled for September 2021, but Paul’s NFT project still does not exist. In practice, Paul and his team sold NFTs and released a ZOO token, but the game has never materialized.
With this documentary, Paul would like to confirm his version that his NFT project was difficult for him to manage, but that it was not a scam to investors.
Logan Paul and the new documentary about his NFT project CryptoZoo
Continuing with the documentary, Paul also stated that he had suicidal thoughts because of his CryptoZoo project. He felt like he was entering a tunnel, from which he was able to come out.
Another thing that Paul does in the documentary dedicated to him is to promise that he will “take care” of those who have plotted to make it seem like he has set up his scam.
In this regard, Logan Paul had received a class action, or collective legal action, in February 2023, precisely for the never-happened launch of CryptoZoo.
Not only that, such legal action is of the “rug pull” type, accusing Paul and his team of raising funds for a new token or NFT collection, without keeping the promises made about the benefits and advantages but abandoning the project and keeping the buyers’ funds.
And indeed, the accusations against the defendants speak of trading NFTs to buyers, claiming that they would have received benefits, rewards, and exclusive access to other crypto resources at a later time, as well as the support of an online ecosystem for using and trading NFTs.
Refund to defrauded investors
After six months from his video in which he outlined his plan to fix things, which was in July 2023, Paul had not yet refunded any of his defrauded investors.
Once again, another unkept promise for the YouTuber, who had announced his three-phase plan to fix things, which was to start refunding.
The latest news on this topic, then, arrived at the beginning of January 2024, when Paul stated that he will “buy back” the CryptoZoo NFTs, but even here there would be a “scam”.
Basically, the program provides that holders of NFTs receive 0.1 ETH for each eligible NFT, but they must also waive any current or future claims against Paul.
