July 16, 2024
Logan Paul Denies CryptoZoo NFT Scam Allegations in New Documentary Release
NFT

Logan Paul Denies CryptoZoo NFT Scam Allegations in New Documentary Release

In a recent documentary titled “5 Months with Logan Paul,” journalist Graham Bensinger delved into the controversy surrounding YouTuber Logan Paul’s CryptoZoo nonfungible token (NFT) gaming project.

The documentary provided a platform for Paul to address allegations of investor losses and refute claims that the project was a scam.

Logan Paul answering questions about CryptoZoo. Source: YouTube

Acknowledging Investor Losses

During the interview, Bensinger emphasized the impact of Paul’s involvement in CryptoZoo, stating that it led people to lose money.

Paul admitted to the truth behind this statement but vehemently denied that the project constituted a scam.

He argued that his involvement stemmed from a lack of capability to handle such a project at the time, rather than malicious intent.

Paul asserted that he too suffered financial losses from the CryptoZoo venture, suggesting that he was also a victim in the ordeal. He highlighted his losses, stating, “I didn’t make any f**king money, bro. I’ve lost half a million dollars on this. Where is the scam?”

Additionally, Paul revealed the toll the project took on his mental health, admitting to experiencing suicidal thoughts as a result of the CryptoZoo debacle. He described feeling overwhelmed and spiralling amidst the fallout from the failed project.

Response to Allegations and Promises for Resolution

Addressing the allegations made against him, Paul vowed to address the portrayal of CryptoZoo as a scam perpetrated by him.

He criticized the one-sided narrative presented by certain individuals, particularly YouTube journalist Stephen Findeisen, also known as Coffeezilla, who had previously reported on the project.

Paul’s promises to rectify the situation were not new; he had previously threatened legal action against those reporting on CryptoZoo.

However, he later retracted these threats and extended apologies. Additionally, in January 2023, Paul announced a $1.5 million recovery plan for affected investors, though it took a year and a class-action lawsuit before the plan was implemented.

Source: NAWOT

Legal Battles and Buyback Program

In February 2023, disgruntled investors initiated a class-action lawsuit against CryptoZoo and Paul, alleging a rug pull and financial misconduct.

The lawsuit accused Paul and the project of misappropriating funds. Despite the legal challenges, Paul announced a buyback program on Jan. 5, with a caveat: investors could only receive refunds if they waived any present or future claims against him.

The saga surrounding CryptoZoo continues, with Paul’s efforts to address investor grievances and defend himself against accusations of wrongdoing remaining ongoing.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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