By Gabriell Algo, News Editor | February 8, 2023
Photo Courtesy of Instagram
On January 11, 2023, Logan Paul announced his new game CryptoZoo, a game that promoted the selling of eggs that players would hatch and gather NFT images to sell for a profit.
Surprisingly, Paul would kickstart a series of events that would lead to several betrayals, theft, and mismanagement of the project leaving his fans angry and disappointed. His fanbase felt that they had been led to buy into a project that would cost them thousands of dollars.
One 34-year-old US man, in particular, who had bought into CryptoZoo lost reportedly $40,000.
While there is no exact measure of the extent to which this incident has affected people's lives, Logan Paul’s CryptoZoo scam certainly has affected his 23 million subscribers to whom he had advertised the project, hyping up the game's features and promising that everyone who plays can make money off of playing it.
However, upon further investigation from freelance YouTube investigative/journalist Coffeezilla, it has been brought to the attention of many that features such as opening the eggs did not work, making it impossible for people to make money off of the game.
Another major problem with the project was its employees. Logan and his manager Jeffery Levin reached out to a multitude of known scammers and criminals, like Eddie Ibanez, who would prove to make the development of CryptoZoo harder than Logan could have expected.
Many are frustrated with Logan Paul and how he has handled the project.
Savannah Jackson, a senior at Carson Senior High said, “I don’t think he should have a platform honestly.”
The scammer Logan Paul hired Jake Greenbaum, also known as the “CryptoKing”, would steal a majority of the stocks as the 4 of them planned out the growth of CryptoZoo’s stock.
According to the Vulture, Jake would pull out his stocks earlier than the other 4, which allowed him to pocket more than 6 million dollars. Eddie Ibanez would also pull out soon, leaving Logan Paul and Jeffery Levin still holding their share of CryptoZoo.
With this colossal failure and blatant scam made clear by a year-long investigation, bringing everything to the attention of his fans and subscribers, Logan Paul has a huge problem to fix- whether that being refunding everyone that lost money in the scam or pleading his innocence to his fans- either way, the ball fell short. Logan Paul is sure to feel the blow to the image he’s built and maintained up until now.
Up until this point, Paul has threatened legal action against Coffeezilla for wrongly recording an interview with Logan’s manager Jeffery Levin without his knowledge.
Paul has since apologized to Coffeezilla and promised his fans that he will complete the project. The most significant change of heart we’ve seen in this story so far is the promise that Paul has made to pay $1.3 million dollars back to those that have lost money on the scam.
People are a bit peeved with Logan’s actions though.
“Youtubers in scams like this never do enough,” said Jackson.
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