“Kids are going to care about the blockchain because of my project. Paul himself openly advocated that children get involved with CryptoZoo. “If the game is any good and it can make you money, it could be something that you can play on the side, and my kids can have a go,” he says. (Dan works in financial services and requested TIME not print his last name out of professional concerns.) Dan also has two children, and thought the animal aspect had family appeal. “I basically thought that if it gets a good marketing push from this guy that’s so world-renowned, it will take off,” Dan says. Like Tauk, he also heard about CryptoZoo from Paul’s podcast. One buyer, Dan, who goes by cptdandan online, bought several thousand dollars worth of Zoo from his home in Sydney, Australia. 3, 2021, the project’s initial 10,000 “Base Eggs” sold out within minutes. In October 2021, he told Forbes that the project “could be one of the biggest things I do.” Paul said that he had put a million dollars of his own money into making the game, and had hired top-notch artists and engineers. If you bred one animal with another, it could produce an even more rare and valuable animal, that you could turn back into crypto, and then into cash. The egg could then hatch into a hybrid animal, like an elephant-panda. People could use a new crypto token created by the project’s founders, called Zoo, to buy a virtual NFT egg. The idea was partially inspired by Pokémon. In the summer of that year, Paul went one step further and created his own NFT project: CryptoZoo. The influencer began his crypto journey as an NFT collector, buying over 100 NFTs for more than $2 million over the course of 2021. Verification on digital assets: I don’t know why that just made so much sense to me,” he said. Paul told TIME last April that he had been introduced to crypto by the entrepreneur Gary Vaynerchuk. Paul became a WWE wrestler in 2022 and recently appeared on the Royal Rumble stage. While he earned notoriety for posting footage of himself with a dead body in a Japanese forest, his enormous popularity persisted, with Insider naming him the most famous influencer in the world in 2021. Other tokens, like Sam Bankman-Fried’s FTT, rose before crashing to near zero.īefore venturing into crypto, Paul had risen to fame as a video blogger. Some projects, like CryptoPunks and the Bored Ape Yacht Club, have proved valuable for buyers: their prices rose dramatically in 2021, giving their buyers perks and allowing them access into exclusive social clubs. CryptoZooĪs cryptocurrency has risen in popularity over the last few decades, thousands of new crypto tokens, games and NFTs have been created out of thin air by entrepreneurs. Read More: Influencers Are Scamming Their Fans Through Crypto. Here’s a history of Paul’s crypto dealings. And in the instance of the meme coin Dink Doink, blockchain evidence suggests that Paul profited enormously off a token he promoted to his fans after failing to disclose his own role in creating the project. But a pattern has emerged, in which he touts a project’s success, only to abandon it when things go south. Over the past two years, Paul has dedicated a huge chunk of time building a vast crypto empire: serving as a founder of multiple projects and rallying his millions of fans to invest in the next big thing in cryptocurrency. “To say I am disappointed in how this was handled internally is an understatement,” he said at the time.īut CryptoZoo is not the only crypto project spearheaded by Logan Paul that has gone awry. On January 13th, Paul pledged to relinquish his stake in the game, refund holders at least $1.3 million, and finish the game. We are confident that once reviewed in a court of law, this matter will swiftly be dismissed.”Ī representative for Logan Paul declined to comment on all other questions or address the specific claims in the lawsuit. Filed in the Western District of Texas, the lawsuit also states that there may be thousands of “victims” who are eligible to join if granted class action status.Īfter the lawsuit’s release, Paul’s legal representative Jeffrey Neiman issued the following statement to TIME: “This is a careless civil action, which is dramatically flawed and filed with the intention of generating headlines, not merit. “ made the business decision to forego an expensive and time-consuming process to create a functional CryptoZoo game or support it, and instead deliberately undertook a scheme to defraud Plaintiff and other consumers,” the lawsuit reads.
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