Logan Paul apologizes to fans who lost money investing in his CryptoZoo cryptocurrency game. The 27-year-old advocated purchasing cryptocurrency collectibles for a “very entertaining money-making game.”
However, more than a year after its release, games have yet to materialize, and Paul has reportedly abandoned the project. In response to another YouTuber’s probe into the company, Paul has stated that he wishes to “put this right.”
After the discussion on Paul’s podcast Impulsive in 2011, they introduce the CryptoZoo Token. Paul, who has more than 23 million YouTube followers, stated that he spent “probably about a million dollars” establishing CryptoZoo and had a “huge crew behind the initiative.”
According to its website, CryptoZoo is “undergoing improvements.” In a defunct description, they referred to it as “A self-sustaining ecosystem that permits ZooKeepers to purchase, sell, and trade exotic creatures and hybrids. CryptoZoo integrates cryptocurrencies and Non-Fungible Tokens (NFTs) into a straightforward, entertaining game with standard features “.
The idea is to sell images of cartoon eggs as non-fungible tokens. It promises that collectors may hatch them into images of randomly selected animals.
Then, collectors could “breed” their animal photos to create new species and earn $ZOO coins. In a project plan that has since been withdrawn, claiming that numerous games would contain animal NFT graphics in 2022. However, no playable elements were delivered.
We are trying to determine the number of investors in CryptoZoo, although the project’s Discord group has approximately 500 members. However, after selling millions of dollars worth of NFTs and cryptocurrencies, Paul ceased discussing CryptoZoo. He appeared to abandon the idea.
Paul’s team has yet to respond to a request for comment from the BBC. Stephen Findeisen, also known as Coffeezilla on YouTube, began a three-part video series about CryptoZoo last month. He called it a “scam.”
The American spoke with disgruntled investors from around the world who claimed to have spent hundreds or even thousands of dollars on CryptoZoo products.
With over 18 million views of his videos, Coffeezilla accused Paul of defrauding investors and leaving them after selling them “worthless” digital goods.
On Thursday, Paul posted an angry video in which he admitted he made a mistake by hiring “con artists” and “criminals” to operate his organization. But disputed responsibility for its faults.
He accused Mr. Findeisen of making factual errors and threatened legal action against him.
However, Paul erased his video on Saturday and apologized to the investigator.
In addition, he stated on the CryptoZoo Discord page that he would “take responsibility, apologize, and present a plan soon.”
All additional information has yet to be provided regarding how Paul intends to refund investors or relaunch CryptoZoo.
A 34-year-old American guy told BBC News that after hearing Impaulsive, he spent $40,000 (£33,000) on NFT eggs. “At first, we all believed the project suffered a few snags. Nevertheless, how Logan lured everyone and then abruptly abandoned it with no explanation is completely unacceptable,” he stated.
“It appears like Logan is only now attempting to apologize for the Coffeezilla videos.
“I do not want a refund; I want the project to finish and Logan to fulfill his initial commitment. “I don’t believe it will ever be as large as it could have been, but I believe it’s vital that ‘founders’ fulfill their obligations to investors.” Paul has also been associated with the unsuccessful digital token Dink Doink, which he pushed in June 2021.