Logan Paul has apologised for his Crypto Zoo failure.
The YouTuber offered up a sorry to those he prompted to buy cryptocurrency for what he dubbed a “really fun game that makes you money”.
The 27-year-old internet personality failed to launch his game – and in response to another YouTuber conducting an investigation into what he called a “scam” – and has outlined his intention to “make this right”.
The fund – which was launched in 2021 after first mentioned on his podcast ‘Impaulsive’ – used “probably about one million” dollars worth of Logan’s own funds, according to himself, and had “massive team behind the project”.
According to its website, it is “undergoing upgrades” but in a now-removed description – shared by BBC News – the fund was “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 involved selling people NFT images of cartoon eggs under the guise they would hatch them into randomly generated animal images. In addition, purchasers would be permitted to “breed” their images to make new species and get a cryptocurrency, named $ZOO – which was connected to the game.
In a project description – which has also been wiped from the website – lots of games were featured with a 2022 delivery date for the animal images but no interactive aspects came to fruition.
Currently, it is unknown how many people invested in the scheme but the Discord server boasts roughly 500 members. Following the sale of many NFTS and crypto coins – which were estimated to be worth millions – Logan ceased mentioning CryptoZoo and appeared to drop the project entirely. He has not responded to the BBC News request for comment.
However, last month Stephen Findeisen, a cryptocurrency scam investigator who posts on YouTube as Coffezilla, kicked off a three-part video series about CryptoZoo, labelling it a scam.
As part of his work, Stephen spoke to people from all over the world who had put real money into the scheme – some investing more than 100,000 dollars – and were therefore furious about the lack of communication from Paul.
In the videos – which racked up nearly 18 million views – Stephen labelled the items “worthless” and accused Logan of running a scam. In response to these allegations, Logan posted a video on Thursday (05.01.23) packed with fury at the “conmen” and “felons” he had hired to take the lead on CryptoZoo, and fought back against the assertion the failures were because of himself.
However, on Saturday (07.01.23), Logan removed the video,apologised to Stephen and wrote on the Discord that shall be “taking accountability, apologising and coming forward with a plan in the near future”, but did not give any more information.
This is not the first time that Logan has been involved with failed cryptocurrencies as he has promoted Dink Doink and SafeMoon.