CryptoZoo: Logan Paul Apologises for Failure
Logan Paul, the popular YouTuber, has expressed remorse for the failure of his CryptoZoo project. He apologised to individuals who sustained financial losses from investing in the cryptocurrency game he had promoted as a play-to-earn endeavour.
The CryptoZoo Logan Paul initiative initially offered egg-shaped cartoon images as NFTs that could be hatched into randomly selected animal images. Collectors could breed their animals and earn $ZOO, a linked cryptocurrency.
However, Logan, who had previously been associated with another unsuccessful cryptocurrency venture, abruptly stopped promoting the project after generating substantial revenue from selling NFTs and crypto coins. It was alleged that he endorsed a fraudulent cryptocurrency called Dink Doink coins. An anonymous cryptocurrency investor in CryptoZoo has recently demanded that the Youtuber fulfil his initial promises rather than offering refunds.
CryptoZoo Logan Paul apology
Stephen Findeisen, a cryptocurrency scam investigator who goes by the YouTube name Coffeezilla, recently released a three-part video series in which he labelled CryptoZoo a scam. He interviewed investors from various countries who claimed to have invested significant amounts of money, ranging from hundreds to thousands of dollars, into CryptoZoo products. He expressed their disappointment and anger towards the company's founder, Paul.
On Thursday, Logan shared a video in which he expressed his frustration and acknowledged that he had erred in hiring individuals he deemed to be "conmen" and "felons" to manage his project. However, he denied any responsibility for the project's failures.
He also criticised Mr Findeisen for providing inaccurate information and warned of legal action. By Saturday, he removed the video and apologised to the investigator. He also posted on the CryptoZoo Discord page that he intended to take responsibility, express remorse, and provide a plan for moving forward shortly.
What do the CryptoZoo investors want next?
A 34-year-old American man shared with BBC News that he had invested $40,000 in the game after being influenced by the Impaulsive podcast. He expressed disappointment in how the project was handled, stating, "the way he dragged everyone along and then just abandoned it with no words is just wrong".
He also noted that he believes Logan is only now attempting to make amends after the Coffeezilla videos. The man stated that while he does not want a refund, he wants to see the project completed as promised and for "founders'' to fulfil their obligations to investors.
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