News JVTech Logan Paul at the heart of a new controversy after promoting a game that turns out to be a massive scam
Published on 01/01/2023 at 17:45
While the famous youtubeur had promoted a game during the year 2021, this one is now at the heart of a scandal about him. Targeted by accusations from a fellow youtubeur, Logan Paul must now respond to the users of this famous game, whose promises clearly do not seem to have been respected.
CryptoZoo the goose that lays the golden eggs by Logan Paul
If you haven’t heard of this famous CryptoZoo you surely haven’t missed anything, apart from a scam… Claimed as an online platform allowing users to buy, sell and collect virtual exotic animals the way of Pokémon, CryptoZoo apparently failed to deliver on its promises.
Without revolutionary gameplay, to innovate, the game relied on the blockchain (technology behind cryptocurrencies and NFTs). Thus, players could buy “Zoo Coins”, the currency used on the platform, to buy eggs from random Animals in NFT. The ultimate goal: to breed them in order to obtain rare hybrid species in NFT that can bring in a lot of money.
The game quickly made people talk about it since it relied on the support of Logan Paul and his community of more than 23 million subscribers. As a result, CryptoZoo grew exponentially in 2021, when the NFT craze was still in full swing. In total, the game generated $2.5 million in revenue from NFT egg sales alone in the launch year.
Even more enormous, the capitalization of the Zoo Coin (total sum invested in the currency) is estimated at 2 billion dollars. Only problem, despite its pharaonic figures, the game is still not playable.
The game promoted by Logan Paul was ultimately a vast “scam”
After these millions of euros collected, it’s time to take stock. In a YouTube video, its counterpart Coffeezilla published an investigation in which it demonstrates point by point why CryptoZoo is a “massive scam”.
In this story, many people who trusted Logan Paul invested money in cryptocurrencies and NFTs from the app without knowing much about the crypto industry and the volatility that characterizes it. This is the case of a user interviewed by Coffeezilla, having nearly 7000 dollars in this “game”.
If Logan Paul is not responsible for the fall in value of Bitcoin and the crypto market, he is however responsible for the fact that the application he promoted is still not available. The same goes for services sold by CryptoZoo which therefore cannot be honored. For example, the famous eggs in NFT are useless for the moment: “it’s just a photo”, says another player.
In addition, users are not about to review their investment since, according to the details of Logan Paul, one of the developers in charge of the project would have “fleed to Switzerland with the source code” and would demand a ransom of one million dollars in exchange. Game.
The youtubeur Coffeezilla, meanwhile, has indicated another version in which he reports that none of the “30 employees of the company” would have received a salary during the development of the game. It is worth remembering that the case of CryptoZoo is not isolated.
With the explosion of “play to earn” boosted by NFTs and cryptocurrencies, several shady projects have emerged. These have benefited from the wave of interest around the crypto ecosystem to dangle significant returns on investment. However, after the bursting of the speculative bubble, many of his projects stopped at the concept stage, leaving many investors in the lurch.