In early 2023, the internet community was struck by dismal news about Logan Paul’s ‘CryptoZoo Scandal.’ With this venture, Paul tried to venture into the lucrative world of Non-Fungible Tokens commonly known as NFTs. However, it quickly garnered attention due to various discrepancies in it and allegedly being called a Ponzi scheme. While The Maverick has promised to repay the investors from his pocket, here is a rundown of how the business idea came into place.

How Logan Paul’s CryptoZoo was formed?

It was the year 2021. A time when Paul was a popular internet sensation, along with his brother Jake Paul. It was a time when Paul was about to venture into the world of amateur boxing and he was a year away from starting his energy drinks business, PRIME. During this time, another quite popular thing was the NFTs. These tokens are a type of blockchain and fall under the same category as Cryptocurrency or Ethereum. Considering its popularity the 28-year-old star decided to venture into the NFT landscape. Along came CryptoZoo.

Unlike other NFTs, CryptoZoo was different. It was a play-to-earn game that was heavily endorsed by Paul. In this game, players could earn cryptocurrency that is specific to the game. Using this currency, players could then buy ‘eggs’ in the game. These eggs, when hatched, revealed images of various animals. These images could be then mixed to make a hybrid animal.

The project was set to launch on September 1, 2021. However, considering his massive fan following, the platform already had 8000 users pre-registered days before the game was launched. But after the launch, people started to understand that the game might be something that will empty their pockets.

Fans quickly noticed that the game provided just generic images of animals instead of something novel. Apart from that, YouTube investigator Coffeezilla was the first one to blow the whistle on the case. In January 2023, he accused Logan Paul of being dishonest about certain aspects of the game. Later on, in subsequent videos, he revealed all the deceptive tactics employed by Paul to earn quick bucks.

Following these claims, Paul took to the internet stating that he had made some terrible mistakes while hiring people to work on the project. While he did not take any accountability for the claims, he stated that he would be refunding all the money to the investors. However, months went by and there were no updates on the refund.

Read More| KSI Takes to Twitter to Show Support for Logan Paul Post CyrptoZoo Tanking: “I Don’t Know S**t About Crypto”

Paul recently took to X (formerly Twitter) to share updates on the process. He has stated that he will be buying back the amount invested in the NFTs. According to him, this was the primary business model and not the tokens. As for now, the total NFTs are costed around 1000 Ethereum or $2.24 Million. Paul has stated that the money will come from ‘his pockets.’ Do you think Logan Paul was late in delivering his promise?

WATCH THIS STORY:- All You Need to Know About Logan Paul vs. Dillon Danis Fight