In January 2023, popular YouTuber Logan Paul encountered massive backlash for allegedly rug-pulling investors of his NFT game, CryptoZoo. Paul announced the project in mid-2021. At the time, he released a token called ZOO and sold several NFTs. However, Paul never launched the game.
Fellow YouTuber Coffeezilla was among the first individuals to call out Paul at the start of this year. The criticism forced him to release a video detailing his plan to refund the NFT holders. But the big question is, did Paul execute the plan?
Coffeezilla’s response to this question would be “No.” He says he has talked to several victims and watched the CryptoZoo Discord channel for the last six months, and according to him, Paul has never communicated with investors since informing them of his plan in January. Coffeezilla also reveals that victims have yet to receive their funds back.
Did Paul and His Team Burn ZOO Tokens?
In Paul’s video in which he explained his plan, the YouTuber claimed he and his team would burn the ZOO tokens, meaning they were to be transferred to a burn address to destroy them permanently so that Paul won’t profit from them.
However, the ZOO official burn address, which ends in ox6D, was only used to burn around 1.4 billion tokens when Crypto ZOO NFTs launched and has not been active since last year. That means Paul has not fulfilled his promise to destroy the ZOO tokens.
It is worth mentioning that multiple ZOO holders have been burning their tokens since the beginning of the year. One of the holders burning significant amounts of ZOO owns a wallet ending in ox8d. They have burned 5.2 million tokens with a total worth of only $3.67.
Largest ZOO Holders
So which wallets have the most ZOO tokens? The official CryptoZoo wallet holds about 70% of the entire ZOO supply. Meanwhile, the users of decentralized exchange PancakeSwap collectively hold 3.5% of the total supply.
Most of the top ten wallets have not burned any ZOO. Two of them received tokens just last week. Wallets ending in ox87 and oxf1 each received 21.6 billion ZOO worth about $14,900. It is believed that the two wallets belong to one crypto user.
The combined holdings of the two wallets are valued at only $29,800. That’s because the ZOO token is down 83% from its all-time high of $0.00046, according to data from CoinGecko.
Another wallet holding the most ZOO tokens ends in ox23, likely belonging to a member of Paul’s team. The wallet received 96 billion in November 2021 and 95 million tokens last December.
Paul’s Second Promise
In his video, Paul promised to refund all 9,300 holders of his NFTs minted for 0.1 ETH each. The Youtuber claimed to have committed over $1.5 million to compensate the buyers. However, Coffeezilla reports that the victims he has spoken to say they haven’t received any refund. He mentions a victim named Just Pixel, who claims he invested over $15,000 in Paul NFTs. The CryptoZoo buyer is now appealing to Paul to fulfill his refund promise.
Meanwhile, CryptoZoo engineer Zach Kelling said in January that Paul had yet to pay him more than $1 million for his services. Kelling has previously accused the YouTuber of threatening him and his family.
Paul’s Third Promise
Will the CryptoZoo game launch anytime soon? Well, it’s still unclear. The project’s website shows the game is in the development stage. That has been the status since last year. The CryptoZoo social media accounts have remained dormant since Paul announced his plan and assured the public that the development of his game would continue.
But many victims are convinced that the Youtuber abandoned the project, with some already giving up on receiving a refund.
While Logan Paul has been unresponsive to investors, he continues to respond to lawsuits brought against him in relation to his project.
He recently filed his response to a lawsuit by CryptoZoo investor Don Holland who accused the Youtuber of defrauding thousands of people by failing to launch his game.
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