YouTuber Logan Paul has argued that his infamous CryptoZoo project, which resulted in many investors losing money, was not a scam.
In a new documentary, 5 Months with Logan Paul, journalist Graham Bensinger sat down with Paul to get his side of the story on the CryptoZoo nonfungible token (NFT) gaming project.
The duo spoke about the many allegations hurled at the internet celebrity, with Bensinger reiterating the point that the exposure brought by Paul “led people to lose money.”
Paul admitted that there’s an element of truth to the statement. However, the YouTuber argued it was not a scam. Paul added:
“Everything you just said has an element of truth to it. Here’s the problem. What you just described isn’t a scam. I took on a project that I was simply incapable of handling at the time.”
Paul argued that he also lost money in the project, seemingly implying he was also a victim. “I didn’t make any fucking money, bro. I’ve lost half a million dollars on this. Where is the scam?”
The YouTuber also said in the documentary that he’s had suicidal thoughts because of the CryptoZoo project. “For the first time in my life, I was having suicidal thoughts. I was just spiraling,” he said.
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Apart from attempts to counter allegations, Paul also said in the documentary that he’s going to “take care” of the people who made CryptoZoo look like it was a scam perpetuated by him. He said:
“The CryptoZoo saga is far from over because it was a one-sided story. He [Coffeezilla] told it how he wanted to tell it and told it a certain way that made me look like the captain of the ship.”
This isn't the first time Paul has promised to act against those who have reported about CryptoZoo. In January 2023, Paul threatened to take legal action against YouTube journalist Stephen Findeisen — also known as Coffeezilla — after Findeisen published a piece on the project.
However, Paul quickly backtracked on the threats and apologized to Findeisen days later.
In the same month, Paul unveiled a $1.5 million recovery plan for those affected by the failed project. However, it took a year and a class-action lawsuit before the buyback plan was implemented.
In February 2023, disgruntled investors filed a class-action lawsuit against CryptoZoo and Paul, alleging that the venture performed a rug pull. The plaintiffs alleged that Paul and the project stole millions of dollars through the venture.
On Jan. 5, Paul announced that the buyback program would begin. However, it included a catch: Users could only get a refund if they waived any current or future claims against the YouTuber.
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