Cryptozoo Scam Explained: Logan Paul Lands into another Controversy in 2023
While Logan Paul is involved in a number of crypto projects, his Cryptozoo Scam made a lot of noise in the last month for all the wrong reasons.
Logan Paul, a highly popular online influencer, has been among the frenzy of people trying to get involved in the seemingly booming market for cryptocurrency, but the Cryptozoo Scam has resulted in controversy.
The cryptocurrency market has been difficult for the general public to understand, and many people remain skeptical of the legitimacy of these decentralized currencies.
Paul has around 28 million subscribers between his main YouTube channel and his podcast, plus another 24.6 million followers on Instagram and 16.6 million on TikTok. In other words, he had the necessary audience to generate buzz around a new collection of NFTs.
What is Cryptozoo?
Cryptozoo was designed to be a play-to-earn game based on NFT. People could buy a cryptocurrency used in the game and use it to buy eggs.
They could buy eggs and hatch them to create an image of an animal, and different animals could be used to breed hybrid animals.
The animals could then be resold for a higher price. This process could be repeated indefinitely, giving players the opportunity to earn money and potentially cash out to earn real-world money.
What is the Cryptozoo Scam (Explained)?
On the surface, everything appeared to be fine, but as the game contacted its release date, the community began to notice that the “unique hand-drawn art” promised looked like poorly photoshopped Adobe stock images.
When hatch day arrived, the community discovered that Cryptozoo’s core mechanic did not work, and some users even struggled to hatch their eggs. When the community discovered the plethora of issues on launch day, the Cryptozoo token dropped by more than 63%.
Logan Paul, who had previously been a staunch supporter of the Cryptozoo Scam, failed to provide the promised marketing assistance and appears to have abandoned the project.
As Coffeezilla’s videos demonstrate, many people invested in the Cryptozoo scam and effectively lost their money. The videos also include reporting that suggests members of the Cryptozoo Scam, such as the actors Eddie Ibanez and Jake Greenbaum.
Coffeezilla obtained conversations between people involved in the Cryptozoo scam, including mention of a “rug pull” by some of the initial larger investors. His reporting, however, stopped short of claiming that Paul or his manager were involved in such an action.
Scams Similar to the Cyptozoo Scam
Given Logan Paul’s questionable YouTube history, it’s no surprise that his “CryptoZoo NFT” project is now known as the Cryptozoo scam. According to independent YouTube reporter Coffeezilla, some investors lost up to half a million dollars.
The development of CryptoZoo has been halted due to allegations of coder nonpayment. This isn’t Paul’s first accusation of promoting crypto scams; in July 2021, he promoted the “shitcoin” Dink Doink, which almost immediately lost all of its “value.”
Other influencers, such as Kim Kardashian, have faced repercussions for promoting cryptocurrency to their followers without making the necessary disclosures. The SEC reached a $1.26 million settlement with Kardashian over her involvement with EthereumMax.
Despite the fact that she included the hashtag “#ad” at the bottom of her Instagram post, the SEC claimed she should have disclosed that she was paid $250,000 for the promotion.
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