{"id":604639,"date":"2023-02-04T07:03:36","date_gmt":"2023-02-04T13:03:36","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/04\/logan-paul-hit-with-lawsuit-over-alleged-cryptozoo-rug-pull\/"},"modified":"2023-02-04T07:03:36","modified_gmt":"2023-02-04T13:03:36","slug":"logan-paul-hit-with-lawsuit-over-alleged-cryptozoo-rug-pull","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/04\/logan-paul-hit-with-lawsuit-over-alleged-cryptozoo-rug-pull\/","title":{"rendered":"Logan Paul Hit With Lawsuit Over Alleged CryptoZoo Rug Pull"},"content":{"rendered":"
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Youtube mega star Logan Paul faces a class-action lawsuit concerning his CryptoZoo NFT project<\/a>, accused of being a rug pull. The accusations claim that Logan raised funds for the web3 based animal-themed game that quite simply doesn\u2019t exist. The lawsuit comes after Logan Paul takes accountability and action to recoup investor losses. Read on to learn more about the lawsuit and the future of Logan Paul\u2019s CryptoZoo project.<\/p>\n

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Logan Paul and CryptoZoo: What Happened?<\/span><\/h2>\n

Leading Youtube and NFT superstar Logan Paul\u2019s crypto\/NFT gaming project CryptoZoo could be a \u201crug pull\u201d. To clarify, this is according to the class action lawsuit filed against it. A \u201crug pull\u201d is usually when a crypto founder scams their community. The founder first raises funds and then abruptly abandons the project and its community, taking the funds away with them.<\/p>\n

According to a District Court of the Western District of Texas filing, the CryptoZoo founders scammed the community into buying a non-existent project. The lawsuit claims the company (and Logan himself) tricked the superstars massive online following into purchasing \u201cunfamiliar digital currency products.\u201d<\/p>\n

Moreover, the project claims to market itself as a digital collectible that offers benefits, exclusive access and more to its community. To add to this, the project also claims to hand its collectors an exclusive online ecosystem to use and market the NFTs. The filing then goes on to state that the game never existed or was ever in development. And it also claims that the \u201cdefendants manipulated the digital currency market for Zoo Tokens to their advantage.\u201d<\/p>\n

The Coffeezilla Effect<\/span><\/h2>\n

Furthermore, the lawsuit alleges that soon after the NFT sale, the defendants then transferred the funds directly to wallets controlled by them. The youtuber, with (currently) over 23 million subscribers seems to have misused his influence to steal money from his community. Crypto journalist and Youtuber Coffeezilla also put out a string of videos exposing Logan and the CryptoZoo project. After a lot of back and forth between the parties, Logan took to Twitter last month to apologize to his fans and community. He then announced a $1.3 million rewards program for affected players.<\/p>\n

Logan Paul\u2019s fellow associates Danielle Strobel (Paul\u2019s assistant), Jeff Levin (manager) are accused in the lawsuit. Moreover, Ebbie Ibanez (lead developer), Jake Greenbaum (CryptoZoo co-founder aka Crypto King) and others were also named in the lawsuit. It also states that the team engaged in fraud owing to the game was non-functional. \u201cThe wrong done to Plaintiff by Defendants was attended by fraudulent, malicious, intentional, willful, wanton, or reckless conduct that evidenced a conscious disregard for Plaintiff\u2019s rights.\u201d states the filing<\/a>. \u201cTherefore, Plaintiff seeks punitive damages in an amount to be proven at trial.\u201d NFTEvening continues to follow the story as it develops.<\/p>\n

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All investment\/financial opinions expressed by NFTevening.com are not recommendations.<\/em><\/p>\n

This article is educational material.<\/em><\/p>\n

As always, make your own research prior to making any kind of investment.<\/em><\/p>\n<\/div>\n<\/div>\n

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Vineet<\/a><\/p>\n

Vineet is a storyteller based in Mumbai. Having previously worked for various web2 organizations as a journalist, instructional designer, and event manager, he got into blockchain in early 2021. As a musician by passion, he fell in love with the digital megastructures building the future of art and creativity. He believes that web3 unlocks creativity at a higher level, and works towards onboarding music projects to the space.<\/p>\n<\/div>\n<\/section>\n

Read More<\/a>
\n Jeanice Schildgen<\/p>\n","protected":false},"excerpt":{"rendered":"

Youtube mega star Logan Paul faces a class-action lawsuit concerning his CryptoZoo NFT project, accused of being a rug pull. The accusations claim that Logan raised funds for the web3 based animal-themed game that quite simply doesn\u2019t exist. The lawsuit comes after Logan Paul takes accountability and action to recoup investor losses. Read on to […]<\/p>\n","protected":false},"author":1,"featured_media":604640,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[534,318,1722],"tags":[],"class_list":{"0":"post-604639","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-financial","8":"category-lawsuit","9":"category-logan"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/604639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=604639"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/604639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/604640"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=604639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=604639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=604639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}