CryptoZoo (game)

CryptoZoo was a failed blockchain game co-founded by the YouTuber Logan Paul.[1][2] Launched in 2021, it promised a blend of cryptocurrency and non-fungible tokens within a game.[3]

Background

CryptoZoo was marketed as an "autonomous ecosystem" where users could buy, sell, and trade exotic animals and hybrids using non-fungible tokens. Collectors purchased cartoon egg images as NFTs, with the expectation that they could hatch these eggs into randomly chosen animal images.[3] The project also introduced a linked cryptocurrency called $ZOO.

Despite raising millions of dollars by selling NFTs and crypto coins, CryptoZoo failed to deliver on its promises.[4][5] A project roadmap outlined various games incorporating the animal NFT images, but none of these features materialized, and no playable game has been published.

Logan Paul initially promoted CryptoZoo as a "really fun game that makes you money".[6] He claimed to have spent around one million dollars on developing the project, emphasizing the massive team behind it.[3] However, after the initial hype, Paul stopped discussing CryptoZoo and seemingly abandoned the project.[7]

Investigation and apology

Cryptocurrency scam investigator Stephen Findeisen (known as Coffeezilla on YouTube) exposed CryptoZoo as a scam.[8][3] In response, Logan Paul posted an angry video, admitting mistakes in hiring "conmen" and "felons" for the project.[3] He threatened to sue the investigator but later deleted the video and apologized.[3]

Class-action lawsuit

A class-action lawsuit was filed against Logan Paul, alleging that CryptoZoo was a "fraudulent venture."[2] The lawsuit accused Paul and his associates of taking millions of dollars' worth of participants' cryptocurrency through the project.

References

  1. Chow, Andrew R. (2 February 2023). "How Logan Paul's Crypto Empire Fell Apart". TIME. TIME. Retrieved 18 May 2024.
  2. Tolentino, Daysia (5 January 2024). "Logan Paul announces he will buy back NFTs from his failed CryptoZoo project". NBC News. Retrieved 18 May 2024.
  3. Tidy, Joe (9 January 2023). "YouTube star Logan Paul apologises for CryptoZoo project failure". BBC. BBC. Retrieved 18 May 2024.
  4. Sung, Morgan (2024-01-05). "Logan Paul promises CryptoZoo refunds, as long as you don't sue him". TechCrunch. Retrieved 2024-05-16.
  5. Glover, George. "Logan Paul is being sued for promoting a failed crypto game that asked people to buy NFTs but never launched". Markets Insider. Retrieved 2024-05-16.
  6. Tidy, Joe; Rahman-Jones, Imran (5 January 2024). "Logan Paul offers partial refund for failed CryptoZoo game". BBC. BBC. Retrieved 18 May 2024.
  7. Silberling, Amanda (6 January 2023). "YouTuber Logan Paul's CryptoZoo NFT project is a total mess". TechCrunch. Retrieved 18 May 2024.
  8. Haylock, Zoe Haylock, Zoƫ (6 January 2023). "Logan Paul SBF'd Up". Vulture. Retrieved 18 May 2024.{{cite web}}: CS1 maint: multiple names: authors list (link)
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