Logan Paul Says He Was Unaware of his team’s Malafide Plans

Logan Paul

  • YouTuber Logan Paul’s CryptoZoo was accused of fraud by CoffeeZilla.
  • Stephen “CoffeeZilla” Fiendeisen investigates crypto frauds.
  • CoffeeZilla recently released a video series about Logan’s project.

CoffeeZilla’s attack on Logan

Logan Paul, a media personality and a “wrestler” is now going head to head against crypto investigator Stephen “Coffeezilla” Fiendeisen. The investigator recently released a 3 part video series, claiming the wrestler’s project dubbed “CryptoZoo” a fraud. The game was promised to be a “fun game that earns money”.

While Logan chose not to comment on the situation, he finally came out with a response against the allegations with a video. He blamed the team involved with the game development and said that he accidentally recruited them for the project, unaware of their intentions. Moreover, he also claims that he and his manager did not generate any profit from this project.

Unfortunately, users will not be able to see the video as the wrestler removed it from the internet. In one of his videos, Coffeezilla stated that the game never surfaced and users were left holding the bags. Moreover, he claimed that there was a covert launch which allowed the team to acquire as much token as they could. According to Stephen, Paul threatened him for defamation but backed out.

The NFT sector is becoming a risky market considering the increase in the number of hacks. Last month, The Pokemon Company International (TPCI) filed a lawsuit against a firm posing as their partners. They falsely claimed that the firm was involved in the development of TPCI’s games – the Pokemon Scarlet and Violet. “Fake” Pokemon partners were planning to release NFTs as well as a crypto game this year.

The Web3 sector has lost billions of dollars to frauds in 2022. The most notable hack was Axie Infinity’s Ronin Bridge attack executed by South Korea-based lazarus group. They exploited a bug to steal over $600 Million from the network. Sky Mavis, creators of the game, announced that they will compensate users for the financial loss.

Recently, US regulators including the Federal Reserve, Office of the Comptroller of the Currency and more issued a warning against crypto frauds to banking institutions. Banks previously requested authorities to offer guidelines associated with digital assets. The lawmakers said that implementing what the banks are asking may facilitate the creation of a “decentralized network”, enabling “safe and sound banking practices” for their customers.

Source: https://www.thecoinrepublic.com/2023/01/09/logan-paul-says-he-was-unaware-of-his-teams-malafide-plans/