Logan Paul faces class action lawsuit over failed CryptoZoo NFT project
Logan Paul faces class action lawsuit over failed CryptoZoo NFT project
The lawsuit alleges that Logan Paul and his associates had a hand in the failed CryptoZoo project.
Cover/illustration via Cryptooshala
A class action lawsuit has been filed against YouTube influencer Logan Paul and his associates over the failed CryptoZoo crypto project, according to the February 2 lawsuit.
Texas resident Don Holland filed a lawsuit and said the defendants staged a “rug pull.” According to Holland, CryptoZoo was promoted through Paul’s online platforms, which convinced thousands of people to purchase the product.
Paul’s partners in the lawsuit included Daniel Strobel, Jeff Levin, Abby Ibanez, Jake Greenbaum and Ofir Bentov.
Lawsuit Alleges CryptoZoo Never Existed
Holland said he knew his money was likely lost after Logan Paul announced another NFT project and started ignoring CryptoZoo. He added: “CryptoZoo was never released as advertised and the value of Zoo tokens and CryptoZoo NFTs plummeted.”
registration stated that the defendants manipulated the digital currency market for Zoo tokens to their advantage.
“Under Defendants’ NFT scheme, Defendants sold CZ NFT to buyers, falsely claiming that in exchange for transferring crypto to buy CZ NFT, buyers would later receive benefits including, but not limited to, rewards, exclusive access to another cryptocurrency. assets, as well as supporting an online ecosystem for using and selling CZ NFTs.”
The lawsuit seeks damages from Paul and his associates who promoted and sold products that did not work as advertised. He also accused them of withdrawing support from the CryptoZoo project and manipulating the digital currency.
“[The] The defendants deceived the plaintiff and thousands of other consumers and unfairly enriched themselves by profiting from the plaintiff and others, not fulfilling their promises.
The lawsuit accused Paul and his partners of negligence, unjust enrichment and fraudulent representation. They were also charged with conspiracy to commit fraud and violation of the Texas Deceptive Trading Practices Act.
CryptoZoo NFTs have become widely known after the investigation of the Coffeezilla project. Logan Paul later revealed a plan to refund funds to disgruntled NFT investors.
Credit : cryptoslate.com
