Why YouTube Star Logan Paul’s Crypto Project Could Be Latest Hit with Lawsuit

YouTube star Logan Paul fires back at Coffeezilla’s crypto scam allegations, but Crypto Twitter is not buying it.

Logan Paul wearing glasses and a cap with a monkey sitting on his shoulder.
  • Logan Paul’s CryptoZoo game has been in development for over a year.
  • Crypto investigator Coffeezilla releases video series uncovering the rug pull.
  • The YouTube superstar stalled in responding to Coffeezilla’s allegations.

The famous YouTuber Logan Paul has over 23 million subscribers patiently waiting for the social influencer’s new game. CryptoZoo, inspired by the movie of the same name, was announced in September 2022. The blockchain game quickly attracted NFT enthusiasts, who bought $2.5M worth of NFT animals on CryptoZoo’s marketplace.

Now it’s the beginning of 2023, and the actual game is nowhere to be found. Popular YouTuber and crypto detective Coffeezilla recently launched an investigation into the project. After weeks of delays, Logan Paul’s response video went viral on Wednesday morning, only to receive immense backlash.

Another Social Influencer Lawsuit?

The new crypto scam allegations targeting YouTube megastar Logan Paul is the newest addition to the celebrity-backed crypto scam saga. Previously, the SEC charged Kim Kardashian and Floyd Mayweather Jr. for promoting the EthereumMax (EMAX) pump and dump scheme on Instagram. Kardashian was subsequently acquitted.

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On the other hand, Madonna, Steph Curry, Jimmy Fallon, and other top celebrities were targeted in a class-action lawsuit for promoting Bored Apes NFTs on social media as a ‘safe investment.’ However, Paul’s potential case would be different, as the YouTuber owns the project he’s endorsing.

According to Stephen “Coffeezilla” Findeissen, Logan Paul’s crypto project could be easily classified as a rug pull. The 60-minute series by Coffeezilla explains how Logan Paul lured millions of his subscribers into buying animal-themed NFTs for his upcoming blockchain game.

On top of that, Logan Paul failed to deliver promises several times, but not without the help of three partners in crime. Logan’s friend Eddie Ibanez was supposed to oversee the project’s development, while Ben Roth and Jon Youshaei were actively involved in promoting the project to the crypto community.

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Many community members lost tens of thousands of dollars and are still waiting for the dubious influencer to carry out his promises.

Coffeezilla Sets CryptoZoo Free

The official website for the CryptoZoo game is down, as Paul picked the perfect time for “upgrades to the core infrastructure of the ecosystem.” In response to the chess move, Coffeezilla created a parody website for the alleged crypto scam. Coffeezilla’s version of CryptoZoo includes a timeline with the most significant events in the saga.

Baku, the original dream-eating hybrid creature from the original CryptoZoo movie distributed by Magnolia Pictures, has nothing on Logan Paul’s money-eating hybrid creatures. They are still available on CryptoZoo’s marketplace, even as the game is officially ‘under construction.’

When asked about the panda and duck NFT hybrid, co-founder Jon Youshaei gasped: “What the f*ck is that? I don’t know, but it’s fun to me and I’d like to own it!” Ironically, the CryptoZoo movie presents a dilemma between showcasing hybrid animal monsters or keeping them hidden. Ultimately, the crypto inspector Coffeezilla has gone with the first option, attempting to reveal the truth to the public.

In response, the controversial YouTube star is threatening to sue Stephen Findeisen out of vengeance, but will that be enough to keep Logan’s money-hungry crypto monsters in the closet?

On the Flipside

  • Before the situation escalated, the crypto detective Coffeezilla made a video on Logan Paul’s project.
  • The private eye of crypto made fun out of CryptoZoo’s grotesque ‘art,’ which consists of stock photos mashed together.

Why You Should Care

It’s important to analyze celebrity-endorsed rug pulls to prevent this type of scamming in the future. Logan Paul’s controversy happened less than a month after Kim Kardashian was acquitted of promoting the EthereumMax (EMAX) pump and dump scheme.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.