Logan Paul is accused of defrauding thousands of players with an NFT title

The NFT craze is taking a nosedive, but it continues to leave countless scams in its wake. Unfortunately, players have not been spared from this kind of scam and hundreds of them fell victim to a non-fungible token-based title.

The investigator Stephen ‘Coffeezilla’ Findeisen recently posted a video series on YouTube where he talks about CryptoZoo, a blockchain-based play-to-earn title. Said project promised players to have a good time while generating some profit. However, it was all a hoax and hundreds of people have lost large sums of money.

Logan Paul, controversial youtuber, is under the researcher’s magnifying glass, since on several occasions he promoted CryptoZoo. So many of the people affected by this hoax are his followers.

Find out: Logan Paul and his partners have lost more than $3.5 million for investing in cryptocurrencies

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Logan Paul involved in fraud with NFT game

The gameplay of CryptoZoo is based on the exchange of exotic animals. Players become ZooKeepers and have the ability to acquire NFT eggs from which the creatures hatch. Later, they must take care of them and thus try to create rare specimens of great value. The in-game economy allows non-fungible tokens to be sold, bought or traded for profit.

Logan Paul described CryptoZoo as “a really fun game that makes you money”, so many of his fans and other people decided to give it a try. However, there is a big problem: CryptoZoo It’s not playable yet despite hundreds of people having invested in it.

According to the investigation, there are people who have invested hundreds or thousands of dollars in the title due to the promotion that Paul did in the past. The youtuber has also promoted cryptocurrencies, a market in which he has lost millions of dollars.

Affected people say they never had a way to claim their profits or access to clear contracts about how the project operated. As if that weren’t enough, the NFT eggs never actually hatched, as they were just images. “There’s nothing I can do with it. It’s basically worth nothing at all,” said one of the cheated players.

The fraud does not end with the users, since apparently several developers and engineers involved in the project did not receive payment for their work either. Meanwhile, Paul has already come to his defense and talked about the internal problems of the project.

He pointed out that some of the reports are not accurate and that “all bad actors will be fully exposed, explained and held accountable.” The youtuber will supposedly clarify the situation on January 3, when he will release his next podcast.

While I generally appreciate Stephen’s creative genius & exceptional work ethic (I mean that), this one is simply not true. When appropriate, all bad actors will be exposed, explained, & held fully accountable. I’ll speak further on IMPAULSIVE January 3.

— Logan Paul (@LoganPaul) December 24, 2022

In case you missed it: Logan Paul will turn the most expensive and rare Pokémon card into an NFT

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