Logan Paul’s NFT sport ‘CryptoZoo’ is at present embroiled in controversy following a three-part collection by investigative YouTuber, Coffeezilla (actual identify 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 thousands and thousands within the apparently defunct undertaking.
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 it’s important 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 facet of crypto and NFTs. A video collection on the Save the Children token is well known as his transition to a extra severe, investigative fashion of content material. Movies by Findeisen unfold the phrase concerning the pump-and-dump scheme, in the end 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 may earn passive revenue. The thought for the undertaking first appeared in an episode of Paul’s Impaulsive podcast. In keeping with Paul, the workforce behind the undertaking 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 may 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 price $2.5 million had been bought on the time of launch. Nevertheless, by October, ZOO had misplaced nearly all of its worth. Its value has solely dropped since.
The YouTube influencer has beforehand blamed the sport’s developer for its obvious implosion. In keeping with Paul, the developer created a code after which absconded to Switzerland. The developer apparently wouldn’t return the code until Paul paid him a million {dollars}. The undertaking’s developer disputes this and maintains that he was by no means paid.
CryptoZoo was as a consequence of launch in September 2021, however as of as we speak, the undertaking 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 beneath building and could be present process upgrades to the principle infrastructure of the ecosystem.” The undertaking’s official Twitter profile has posted nothing since 28 Could.
Logan additionally seems to have eliminated all references to the undertaking 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 undertaking as “the dumbest, most ridiculous shitcoin I’ve ever seen. And that’s why I’m all in.”
In keeping with CoinGecko, there’s 100 quintillion DINK available on the market, with every price 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 current developments, nevertheless it has but to listen to again.