The Rug Pull of Logan Paul’s “Crypto Zoo” NFT Project
Logan Paul, a popular YouTuber and boxer, promised to compensate investors of the failed NFT project “Crypto Zoo” with $1.5 million in January 2023. However, eight months later, no one has received their money back, leading to accusations of fraud against Paul. The NFT collection, which was meant to be accompanied by a game, lost almost all of its value. The promised gaming ecosystem was never launched, causing investors to lose hope. The NFTs in the collection have depreciated by over 95% of their initial value. Additionally, a cryptographic token called ZOO, which was supposed to have utility in the game, saw its value drop to zero. Investors filed a class-action lawsuit against Paul for promoting worthless products. Despite promises of compensation, Paul’s community has not received any payments.
YouTuber says he is working to compensate investors disappointed by his NFT project
Logan Paul announced a compensatory plan in January 2023 to give back over $1.5 million to investors of Crypto Zoo’s NFTs and ZOO token. However, one month after the announcement, another YouTuber known as “Coffeezilla” denounced CryptoZoo as a scam and revealed that no payments had been made. Several months later, no one has received any compensation, and the community accuses Paul of mocking them. Despite this, Paul mentioned during a recent fight presentation that he is “working” to reimburse investors. Given his history of broken promises, it is likely that this will be another lie in a long line of deception.
Hot Take
Logan Paul’s failure to deliver on his promises and compensate investors of the “Crypto Zoo” NFT project showcases the risks and scams associated with the crypto world. It highlights the importance of thorough research and due diligence before investing in any project, especially those endorsed by influencers. The incident serves as a cautionary tale for both crypto enthusiasts and those considering entering the space.
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