YouTuber Logan Paul has apologized to fans who lost money after investing in his cryptocurrency game, CryptoZoo. The 27-year-old had encouraged people to buy cryptocurrency collectables for what he called a “really fun game that makes you money”, but more than a year after its launch, no game has materialized and Paul has apparently abandoned the project. Here are the details…
Logan Paul apologizes for CryptoZoo failure
CryptoZoo was launched in 2021 after being discussed on Paul’s podcast Impaulsive. The website for the project currently states that it is “undergoing upgrades” and previously described itself as “an autonomous ecosystem that allows ZooKeepers to buy, sell, and trade exotic animals and hybrids.
CryptoZoo incorporates cryptocurrency and Non Fungible Tokens (NFTs) into a simple, fun game with familiar mechanics”. The project sold images of cartoon eggs as NFTs, with the promise that collectors would be able to hatch them into randomly chosen animal images. Collectors could then “breed” their animal images to create new species and win coins in a linked cryptocurrency called $ZOO.
However, after selling millions of dollars worth of NFTs and crypto coins, Paul stopped talking about CrytpoZoo and seemingly abandoned the project. This led to accusations of scamming from cryptocurrency scam investigator Stephen Findeisen, also known as Coffeezilla on YouTube, who spoke to investors around the world who claimed to have spent hundreds or thousands of dollars on CryptoZoo items and were angry at Paul.
In response, Paul posted a video admitting that he made a mistake hiring “conmen” and “felons” to run his project, but denied the failures were his fault. He accused Findeisen of getting facts wrong and threatened to sue him, but then deleted the video and apologized. Paul also wrote on the CryptoZoo Discord page that he would be “taking accountability, apologizing and coming forward with a plan in the near future”. No further details have been provided on how Paul plans to reimburse investors or relaunch the project.