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Home»NFT»Logan Paul Still Hasn’t Refunded CryptoZoo NFT Buyers Six Months Later
NFT

Logan Paul Still Hasn’t Refunded CryptoZoo NFT Buyers Six Months Later

2023-06-30Updated:2023-07-02No Comments8 Mins Read
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Six months in the past, YouTuber Logan Paul confronted vital controversy for allegedly scamming his viewers with an NFT recreation mission known as CryptoZoo, which was introduced in 2021. Paul and his crew bought NFTs and launched a ZOO token—however the recreation by no means materialized.

After dealing with criticism from YouTube investigators like Stephen “Coffeezilla” Findeisen, Paul launched a video on January 13 detailing his “three-step plan” to make issues proper. One month later, the influencer was slapped with a class-action lawsuit alleging that Paul and his crew misled and “rug pulled” CryptoZoo patrons.

However what precisely did Paul promise again in January—and has any of it been delivered?

$1.8M in refunds “for individuals who don’t need to wait”.
$0 delivered.
Good advertising and marketing Logan. 👍 pic.twitter.com/BqhOY4tlYC

— Coffeezilla (@coffeebreak_YT) June 29, 2023

In case you ask Coffeezilla, the reply is a powerful “No.”

“I’ve spoken to the victims and have been watching their public Discord chat all 12 months. The final time Logan communicated with them was in January. I’ve additionally reached out to Logan a number of instances asking about this,” Coffeezilla instructed Decrypt in a direct message.

“In response to the victims, there [have] been zero funds. There’s no excuse for this. Logan made a public assertion about this, took credit score for it, and has ghosted the victims,” Coffeezilla added.

Have been ZOO tokens burned?

In Paul’s “three-step” video, which has over 330,000 views, the entrepreneur mentioned that he and his supervisor Jeffrey Levin would “burn our $ZOO,” that means the pair would ship all of their ZOO tokens to a burn pockets in order that the tokens can be successfully destroyed. Neither might then revenue from their ZOO tokens.

Nevertheless, upon inspecting the official ZOO contract detailed within the token’s whitepaper, it’s not evident that Paul or Levin have burned any of their ZOO. A web site detailing the mission’s tokenomics recognized a pockets ending in 0x6D as one of many recreation’s burn wallets used to burn 1.5 billion ZOO after the primary NFT launch, however the pockets has been inactive since March 2022.

In response to BSC Scan knowledge, there have been no vital burns of the ZOO token from one or two pockets addresses since January 2023, when Paul made this primary promise.

There has, nevertheless, been continued ZOO burns from numerous wallets. For the reason that token’s inception, a cumulative whole of roughly 3.7 billion ZOO has been despatched to a generally used burn pockets out of the whole provide of two trillion ZOO. Of these burn transactions, the latest was in February for roughly 2.1 million ZOO (roughly $1.50).

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The pockets making up the vast majority of ZOO’s current burn historical past is the pockets 0x8d. It has been persistently burning ZOO in various quantities since March 2022. Out of the burn transactions, although, there have been no burns for greater than 5 million ZOO (price simply $3.58) since January. The 0x8d pockets, nevertheless, has continued to burn ZOO at random intervals all through 2022 and to this point in 2023.

Contemplating its historical past, it’s unclear to whom the 0x8d pockets belongs—and it doesn’t seem that Paul and Levin have made their huge promised token burns simply but.

Largest ZOO holders

The place is many of the ZOO token now? Presently, what seems to be a CryptoZoo recreation pockets holds 70% of the whole token provide. Decentralized alternate PancakeSwap is listed as holding 3% of the provision for its numerous customers.

Out of the opposite wallets remaining within the prime 10 by whole share of provide, none have despatched their tokens to burn wallets—and two obtained their tokens throughout the final two weeks.

Pockets 0x87 obtained 21.5 billion ZOO (about $15,000) previously 10 days, and pockets 0xf1 likewise obtained 21.5 billion ZOO lower than two weeks in the past. It’s presently unclear to whom these wallets belong, however their holdings aren’t price almost as a lot as they might’ve been when ZOO was at its peak. Provided that ZOO’s value is down 82% previously 12 months, per CoinGecko knowledge, these wallets’ collective holdings solely add as much as about $30,800.

It’s additionally price noting that ZOO’s tokenomics doc permits for wallets related to “growth, advertising and marketing, and founders” to have the ability to unlock 10% of their token allocation each month for 10 months—although that doesn’t essentially clarify the current 43 billion ZOO drop to 2 wallets.

The second-largest ZOO pockets, 0x23, might additionally belong to somebody on the CryptoZoo crew. It holds simply over 4.8% of the whole ZOO provide and its solely transactions include two incoming receipts of 96 billion and 94 million ZOO in September 2021 and December 2022, respectively.

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The second promise

Paul’s second promise was to successfully refund holders for the worth they paid on their Base Egg or Base Animal NFTs at 0.1 ETH apiece, which is about $193 immediately.

“I’ve dedicated greater than $1.8M for individuals who don’t need to watch for CryptoZoo to be accomplished,” Paul wrote again in January. At time of writing, that sum might reimburse holders for over 9,300 NFTs.

Logan Paul’s final message within the CryptoZoo Discord’s “bulletins” channel. Picture: Decrypt.

In April, Paul denied any wrongdoing in correspondence with Rolling Stone and mentioned that “all deserving events shall be reimbursed.”

However in messages considered by Decrypt, greater than six people in CryptoZoo’s Discord server reported not receiving any refund that had been promised—six months after the promise was made.

A CryptoZoo purchaser who goes by the alias Simply Pixel instructed Decrypt in a message that they’d additionally not obtained any refund, or any updates on when such a reimbursement can be coming.

“I’ve invested a complete [of] ~$15K. I used to be capable of get slightly below $2K out earlier than the worth dropped fully to the ground,” Simply Pixel mentioned. “I didn’t get a refund. I additionally purchased three of those egg NFTs at launch. I have not gotten a refund for these but both.”

In a Discord server known as “CryptoZoo Victims,” three extra people confirmed to Decrypt that no refunds have but been issued.

However CryptoZoo’s patrons aren’t the one ones who declare they haven’t been paid by Paul. Zach Kelling, CryptoZoo engineer and first CTO, instructed Decrypt in January that he’s nonetheless owed over $1 million in charges for his work, which he mentioned he accomplished with a crew of 45 engineers.

Kelling beforehand instructed Decrypt that Paul’s YouTube movies about him even led to “life and demise dangers” and bodily security threats for himself and his household.

Kelling’s fiancée Antje Worring began her personal spinoff philanthropy mission, Zoo Labs, after they figured that Paul wasn’t going to pay Kelling for the work he did for CryptoZoo.

Logan Paul actually is the kind of dude to thanks once you expose his rip-off, then block you once you remind him to pay up. pic.twitter.com/wI1o3ilD5S

— Coffeezilla (@coffeebreak_YT) June 30, 2023

“There have been so many lies,” Worring instructed Decrypt.

She alleged that CryptoZoo developer Eddie Ibanez allowed her and Kelling to dwell in a Manhattan residence that Ibanez claimed he owned, however truly didn’t, including that Ibanez as soon as screamed at her as a result of she hadn’t completed his laundry for him. Worring additional claimed that Ibanez paid Kelling solely about $2,000 in whole for his work on CryptoZoo.

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Decrypt reached out to Ibanez for remark, however he didn’t instantly reply.

Worring mentioned Paul’s interplay with the CryptoZoo builders was minimal, even when the mission was in full swing.

“He’s simply the face of the mission,” Worring mentioned of Paul. “We actually by no means heard from him.”

The third promise

However what in regards to the CryptoZoo recreation itself—is it nonetheless in growth? The sport’s official web site nonetheless reveals the identical “builders construct” display screen from 2022. CryptoZoo hasn’t posted by way of its Discord, Twitter, or Instagram for the reason that January assertion that recreation growth would proceed—and its weblog has been radio silent for over a 12 months.

“Completely nothing has occurred since Logan Paul promised a refund,” CryptoZoo Victims Discord member Richie650 instructed Decrypt. “No token burn, no refund, and no recreation growth.”

Whereas Paul could also be unresponsive to his neighborhood, he has responded to the continuing CryptoZoo lawsuit in opposition to him.

The lawsuit filed in opposition to Paul and different members of the CryptoZoo crew again in February is ongoing. In response to courtroom paperwork, Texas-based CryptoZoo purchaser Don Holland and his counsel allege that Paul and the CryptoZoo crew dedicated fraud by way of a “rug pull” and defrauded “1000’s of different shoppers” by failing to ship the sport.

Paul responded in Could and June with the argument that as a result of he doesn’t dwell in Texas, there’s a lack of “private jurisdiction” and the case must be dismissed. Nevertheless, plaintiffs have since argued that two of CryptoZoo’s former staff had been situated in Texas, and that Ibanez additionally carried out some CryptoZoo work in Texas.

Paul, Levin, and their representatives didn’t reply to Decrypt’s a number of requests for touch upon the ZOO token burn, the promised reimbursements, or the way forward for CryptoZoo.

Does Paul’s six-month silence betray a scarcity of curiosity within the embroiled mission? Or has he merely pressed pause on CryptoZoo as a result of ongoing lawsuit?

For now, CryptoZoo holders should wait—and hope for a refund that continues to be in limbo.



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