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Tuesday, February 7, 2023
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    HomeAltcoinLogan Paul Under Fire for CryptoZoo Scam

    Logan Paul Under Fire for CryptoZoo Scam

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    Logan Paul’s NFT sport ‘CryptoZoo’ is at present embroiled in controversy following a three-part collection by investigative YouTuber, Coffeezilla (actual title Stephen Findeisen).

    Since 17 December, Findeisen has uploaded a three-part collection on Logan Paul’s rip-off blockchain sport, CryptoZoo. The collection dismantles the controversial NFT sport and spotlights the numerous buyers who’ve misplaced hundreds of thousands within the apparently defunct challenge. 

    The video collection at present has a mixed view depend of 13.2 million. 

    This isn’t Coffeezilla’s investigation into crypto scams. Stephen Findeisen is a web based sleuth and YouTuber who makes a speciality of uncovering scams and fraudsters. Over the previous few years, he has been specializing in uncovering scams within the blockchain and NFT area. His channel description has a nugget of knowledge that summarizes his normal ethos. “If you need to ask… it’s most likely too good to be true.” On the time of writing, his channel has over 2.1 million subscribers. 

    His work has earned him a profile within the prestigious New Yorker journal, which painted him as one thing of an unsung hero poking round within the darker aspect of crypto and NFTs. A video collection on the Save the Children token is widely known as his transition to a extra critical, investigative fashion of content material. Movies by Findeisen unfold the phrase concerning the pump-and-dump scheme, finally dooming it.

    As of Tuesday, 27 December (UTC), each Findeisen and Paul have invited one another onto their respective reveals to debate the controversy.

    What Is CryptoZoo?

    Logan Paul’s CryptoZoo was billed as an NFT-based sport the place gamers might earn passive revenue. The thought for the challenge first appeared in an episode of Paul’s Impaulsive podcast. In line with Paul, the crew behind the challenge had spent six months making “handmade” animal-based NFTs. 

    It was Paul’s intention to lift a million {dollars} to create the sport and NFTs. Gamers might buy NFT “eggs” of the animals, which might be “bred” and minted to create distinctive NFTs on the sport’s launch. To accumulate the eggs, gamers needed to buy the sport’s ZOO token

    NFT eggs value $2.5 million had been offered on the time of launch. Nonetheless, by October, ZOO had misplaced nearly all of its worth. Its worth has solely dropped since.

    The YouTube influencer has beforehand blamed the sport’s developer for its obvious implosion. In line with Paul, the developer created a code after which absconded to Switzerland. The developer apparently wouldn’t return the code except Paul paid him a million {dollars}. The challenge’s developer disputes this and maintains that he was by no means paid.

    CryptoZoo was on account of launch in September 2021, however as of right now, the challenge does not exist. The web site at present says “is present process upgrades to the core infrastructure of the ecosystem.” 

    The website at present says that it’s “nonetheless underneath building and can be present process upgrades to the principle infrastructure of the ecosystem.” The challenge’s official Twitter profile has posted nothing since 28 Could.

    Logan additionally seems to have eliminated all references to the challenge from his YouTube channel.

    This Isn’t Logan Paul’s First Crypto Rip-off

    Logan Paul beforehand tried to pump Dink Doink (DINK), a meme coin that he implied he had no involvement in. It subsequently got here out that Paul had helped create the “character.” In a video and tweet, he described the challenge as “the dumbest, most ridiculous shitcoin I’ve ever seen. And that’s why I’m all in.”

    In line with CoinGecko, there’s 100 quintillion DINK in the marketplace, with every value lower than one trillionth of a cent. Successfully making them completely nugatory. 

    Disclaimer

    BeInCrypto has reached out to firm or particular person concerned within the story to get an official assertion concerning the latest developments, however it has but to listen to again.





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