2 semanas ago · Ignacio Saludes · 0 comments
Todaynftnews On Binance Feed: Logan Pauls Cryptozoo Has Been Exposed As Scam
- Logan Paul Hit With Class Action Lawsuit Over Role In Cryptozoo Scam After Coffeezilla Investigation
- Logan Paul’s Initial Response Video To Coffeezilla
- Quizzes & Games
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Some investors ended up losing up to half a million dollars, according to independent YouTube reporter Coffeezilla. The development of CryptoZoo has been stalled due to alleged nonpayment of coders. The plaintiff, a Texas police officer who poured about $3,000 of his own money into CryptoZoo in the hopes that it would yield big returns, filed the litigation in the city of Austin.
- The lawsuit, which has been filed on behalf of all similarly affected individuals, accuses Paul of involvement in a crypto scam through his company, CryptoZoo Inc.
- And additional installments of Findeisen’s massively popular series could be underway, the investigative YouTuber told Insider.
- And in December, a YouTube journalist named Stephen Findeisen, who goes by CoffeeZilla, published a three-part series investigating CryptoZoo.
- Paul began promoting a crypto game called CryptoZoo back in August 2021.
Participants could purchase cryptocurrency that allowed them to buy eggs in a digital game. Players were then supposed to be able to hatch those eggs, raising animals that would act as NFTs. Holders could potentially earn profits by selling their animals for crypto.
Logan Paul Hit With Class Action Lawsuit Over Role In Cryptozoo Scam After Coffeezilla Investigation
This could spell trouble for Coffeezilla, but this is dependent on complex inter-state law and will probably become clearer in the near future. Coffeezilla observed that, since the launch of CryptoZoo in 2021, Paul supporters had spent almost $2.5 million on eggs alone, with the currency itself increasing primexbt review to a market worth of approximately $2 billion. Coffeezilla remained unconvinced and revealed that the refund plan does “nothing” for most victims of the alleged scam. Paul quickly responded with a threat of legal action, followed by an apology and a $1.3 million refund program for CryptoZoo investors.
In that video, Paul said he did not make any money on CryptoZoo, accused Findeisen of using his name for money and views, and threatened to sue Findeisen. He also discussed Coffeezilla’s series of videos on an episode of the Impaulsive podcast. He has been accused by crypto investigator Stephen Coffeezilla Findeisen who posted a three-part video series looking into CryptoZoo, a blockchain game Paul once actively advertised. The game is not yet live, and Paul’s most enthusiastic supporters and new investors have wasted hundreds of thousands of dollars on the procedure. CryptoZoo players can purchase an in-game NFT that comes in the form of an egg that hatches into an animal. Players can crossbreed their animals with other animals in the game to create rare breeds.
Logan Paul’s Initial Response Video To Coffeezilla
CryptoZoo Inc., a Delaware corporation, was created to sell digital currency products in the form of Zoo Tokens, which were used to purchase other CryptoZoo products for use in the online game CryptoZoo. Paul also claims that Findeisen’s published phone call interview with Levin was “illegal” and makes Findeisen “like an internet criminal” because he had not been granted permission to publicize the call. The original version of this story mischaracterized the acquisitions of the anonymous crypto wallet examined https://www.uniquenewsonline.com/primexbt-scam-or-safe/ by Evan Spicer; it first acquired Dink Doink tokens minutes after the project’s launch, not days before. The story also misstated when Logan Paul received a large quantity of Dink Doink tokens; it occurred when the project launched, not before. Paul isn’t the only social media influencer to have used their platform to promote crypto schemes. In October, Kim Kardashian paid $1.26 million in fines after being charged by the Securities and Exchange Commission with unlawfully promoting a crypto scheme on Instagram.
However, the program does not include the defendants’ profitable Zoo Tokens used to participate in the failed CryptoZoo or the third set of CZ NFTs, Hybrid Animals. But Paul did spend some time addressing the controversy on the latest episode of his Impaulsive podcast Wednesday. That because Paul is a public figure, he would need to prove “actual malice” or that Findeisen published the videos with a “reckless disregard for the truth” in order for a court to take Paul’s case seriously. And Findeisen spoke with over six different people who claim to have lost thousands each from their CryptoZoo purchases. In total, just six of the individuals claim to have collectively lost nearly $600,000.
Quizzes & Games
After huge public pressure following Coffeezilla’s three-part series, which got millions of views, Paul first issued a response video that we’ll get into later in our video. And the developers were never paid the $1 million or given the 5 percent of the tokens they were verbally promised by one of CryptoZoo’s founders, Eddie Ibanez. Ibanez was exposed by Billy Penn reporter Adam Robb in 2022 for falsely claiming he went to MIT, worked with the CIA, and even helped the Eagles win the 2018 Super Bowl ring, among other allegations. Even though Jeff Levin, another co-founder and Paul’s manager, was informed of the falsities before the CryptoZoo launch, Ibanez remained on the team.
Some people Coffeezilla spoke with spent tens of thousands, if not hundreds of thousands, of dollars on CryptoZoo because they felt Paul was a changed guy who was building a safe place for everyone to invest in cryptocurrencies. One of the victims, Rob, stated that he lost slightly more than $7,000 with CryptoZoo. Over the past couple of weeks, Coffeezilla, a YouTuber who is well known for exposing crypto scams, released his three-part series investigating Logan Paul’s NFT project CryptoZoo.
And later, he posted a video response, which he quickly deleted after receiving tons of dislikes. History remembers one other blockchain animal breeding game called CryptoKitties that became legendary as the first game on the Ethereum blockchain. Right after the launch in 2017, the price of CryptoKitties NFTs skyrocketed, but today CryptoKitties is lucky to break 100 sales a day, generating roughly over $10,000. However, CryptoKitties plummeted not because the founder was a fraud and devs never got paid, but because a huge influx of users breeding cats diluted the rarity of each NFT, and because Ethereum had enormous gas fees at the time. While the official CryptoZoo website is currently "undergoing upgrades," a separate site created by the community explains that CryptoZoo comprised 10,000 "base eggs" that were made available for purchase on September 1, 2021. A month later, the eggs were to hatch into animal NFTs and would every day yield $ZOO — an in-game currency that could be exchanged for dollars.
The lead plaintiff in the suit, Don Holland, is a police officer from Round Rock, Texas, whose son told him about CryptoZoo. He purchased $3,000 worth of digital currency https://marketbusinessnews.com/what-is-the-primexbt-scam-or-not/330899/ from the company, according to the filing. The action "is dramatically flawed and filed with the intention of generating headlines," Paul’s legal rep told BuzzFeed News.
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