YouTuber Logan Paul has addressed the controversy surrounding his CryptoZoo project, arguing that it was not a scam but rather a project he was ill-equipped to handle.
In a new documentary titled “5 Months with Logan Paul,” journalist Graham Bensinger interviewed Paul about the CryptoZoo non-fungible token (NFT) gaming project.
Bensinger emphasized that Paul’s involvement led to many investors losing money, to which Paul admitted there was truth but denied it was a scam.
Paul acknowledged that he also suffered financial losses in the project, implying that he was not solely responsible for the outcome.
Impact on Mental Health
Paul revealed in the documentary that the stress from the CryptoZoo project led him to have suicidal thoughts, marking a significant toll on his mental health.
Response to Allegations
Paul expressed his intention to address the narrative surrounding CryptoZoo and those who portrayed it as a scam. He vowed to take action against those who misrepresented the situation.
Previously, Paul had threatened legal action against journalist Stephen Findeisen for his coverage of CryptoZoo but later retracted the threats and apologized.
Paul also announced a $1.5 million recovery plan for affected investors, which faced delays and was only implemented after a year and a class-action lawsuit.
A class-action lawsuit was filed against CryptoZoo and Paul, alleging a rug pull and financial misconduct. The buyback program initiated by Paul required users to waive any claims against him to receive a refund.
The controversy surrounding Logan Paul’s CryptoZoo project continues to unfold, with Paul addressing the accusations of scam and the impact on his mental health in the documentary. Despite past legal threats and recovery efforts, the fallout from the failed project persists, with investors seeking restitution and clarity on the project’s legitimacy.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up