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YouTuber and professional wrestler Logan Paul has filed a lawsuit over his failed NFT venture CryptoZoo. The suit targets YouTuber Stephen Findeisen, popularly known as Coffeezilla.
Filed on June 27 in a San Antonio, Texas District Court, the lawsuit claims Findeisen circulated âfalse statementsâ and accused Paul of âoperating a scamâ involving the CryptoZoo project.
Accusations and an undelivered game
Launched in 2021, CryptoZoo was developed as a game. The idea was for players to buy âeggs,â which were NFTs, using the platformâs ZOO token.
These eggs would âhatchâ into animals which could be traded for ZOO tokens. However, none of these claims actually materialised.
The project failed to gain traction and lost all hype around it, resulting in the price of ZOO tokens collapsing.Â
Findeisen had been investigating CryptoZoo and Paulâs involvement since late 2022. Over the years, the YouTuber has posted a total of three videos, calling the project âLogan Paulâs biggest scam.â
He also accused Paul of defrauding his fans and keeping their money without actually delivering a functional project.
The lawsuit stresses that Paul holds Findeisen accountable for the âimmense harm that he has caused to Paulâs reputation.â He is accused of âintentional and reckless dissemination of defamatory falsehoods.â
In addition, the suit adds that Coffeezilla omitted information that proved Paul was âdeeply committedâ to the projectâs success. Paul was allegedly âdeceived by several of the projectâs trusted advisers who turned out to be conmen.â
The suit also blames Eduardo âEddieâ Ibanez, who was the lead developer behind the project. Ibanez allegedly lied about his credentials and âturned out to be a charlatan.â
Jake Greenbaum, who acted as an advisor to the project, was also accused of trying to âpersonally profitâ from the project.
As such, the suit is currently seeking over $75,000 in damages plus interest and lawyer fees.
Dropped lawsuit and recovery plans
Paul had previously dropped his plans to sue Findeisen back in 2022 when he disclosed a $1.5 million recovery plan for CryptoZoo. At the time, Paul said that the lawsuit wonât help CryptoZoo users.Â
The suit also highlighted that Paul attempted to buy back $1 million worth of NFTs without having âearned any moneyâ from the project.
Findeisen isnât the only one to have called out Paul over the CryptoZoo project. In early 2023, Don Holland, a police officer from Texas, sued Paul, alleging that CryptoZoo was a âfraudulent enterprise.â
At the time of writing, the ZOO token had a market cap of $0.
The post Logan Paul sues YouTuber over failed NFT project accusations appeared first on Invezz
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