Here’s How Logan Paul’s Crypto Dreams Crumbled

Vignesh Karunanidhi
Logan Paul's CryptoZoo Investors Still Waiting on Refunds 8 Months Later
Source: GiveMeSport

When cryptocurrencies really started picking up pace, everyone started jumping on the bandwagon. From celebrities to rappers, artists, and even industry titans, many began to enter the cryptocurrency realm.

The Paul brothers were no exception, as both Jake Paul and Logan Paul evidently brought their game to the cryptocurrency industry. However, allegations began rising as the brothers started promoting various cryptocurrency projects. But that’s not all; Logan went a step ahead and released his NFT project, CryptoZoo.

Read more: Crypto Critic Charlie Munger Receives Backlash From Community

CryptoZoo didn’t work out as expected and fell apart, causing losses for several users who invested in it.

Source: TechStory

The rise and fall of Logan Paul’s CryptoZoo

The goal of CryptoZoo was to create an autonomous ecosystem where $ZOO owners could collect and selectively breed exotic animals. It was also developed with a vision for users to easily exchange these non-fungible tokens within the community using the Ethereum blockchain. CryptoZoo was also designed in a way where users could breed and hatch hybrid NFT animals that are likely to gain value over time.

Logan Paul entered the NFT realm as an NFT collector, where he spent more than $2 million on NFTs. It was ideally at that time that the creation of CryptoZoo began. Logan also claimed that he had invested $1,000,000 of his own funds to hire the best engineers and artists for the project. When the initial launch happened on September 3, 2021, 10,000 “Base Eggs” were sold out in minutes.

Read more: Are We in a Cryptocurrency Bubble — When Will It Pop?

However, as funds began to flow in, the creative team began to fall behind in terms of response time and query resolution.

Source: Koimoi

Logan began distancing himself

Logan gradually began to distance himself from the project over time, and he stated in April 2020 that his involvement in the project was minimal.

“It was a project that turned a little backward because of some bad actors, which is a shame because I really liked the concept. I’m like, okay, something didn’t turn out the way I expected it to. Let’s fix it. Let’s do the best we can. And let’s keep going, because, like, I don’t have time to look back,” said Logan to TIME.

However, things started getting a little out of hand when YouTuber Coffeezilla began investigating Logan’s NFT project. Coffeezilla accused Youtuber and boxer Logan Paul of engaging in dishonest behavior with his NFT game, “Crypto Zoo,” in a series of videos. The video “Investigating Logan Paul’s Biggest Scam” caused quite a stir in the cryptocurrency community as Coffeezilla exposed the play-to-earn game scam.

Source: TechCrunch

Read more: Dogecoin Developers Hints at Something Interesting Coming Soon: Details

Logan Paul, however, fired back at the YouTuber by dropping a video in response to his scam allegations. Logan also stated in the video that he made a mistake in hiring multiple criminals to work on his NFT project and denied all allegations.

Perhaps this is not a standalone story, as several YouTubers and celebrities were under scrutiny for promoting cryptocurrency projects that often ended up as pain for them later.