YouTube star Logan Paul recently opened up about the controversy surrounding his CryptoZoo venture, defending it as not a scam but rather a project he struggled to manage.
In a new documentary titled “5 Months with Logan Paul,” journalist Graham Bensinger had a sit-down with Paul to discuss its non-fungible token (NFT) gaming project. Bensinger pointed out that many investors lost money due to Paul's involvement, to which Paul admitted there was some truth but insisted it wasn't a scam. Paul admitted facing financial losses himself from the project, implying he wasn't solely to blame for the outcome.
Paul revealed in the documentary that the stress from the CryptoZoo project caused him to have thoughts of ending his life, taking a significant toll on his mental well-being.
Paul expressed his intention to set the record straight about CryptoZoo and those who labelled it a scam. He vowed to take action against those who misrepresented the situation.
Previously, Paul had threatened legal action against journalist Stephen Findeisen for his coverage of CryptoZoo, but later withdrew the threats and apologized.
Paul also announced a $1.5 million plan to compensate affected investors, which faced delays and was only implemented after a year and a class-action lawsuit.
A class-action lawsuit was filed against CryptoZoo and Paul, alleging financial misconduct. The buyback program initiated by Paul required users to waive any claims against him in order to receive a refund.
The controversy surrounding Logan Paul’s CryptoZoo project continues, with Paul addressing accusations of scams and the toll it took on his mental health in the documentary. Despite past legal issues and efforts to make amends, the fallout from the failed project persists, with investors seeking restitution and clarity on its legitimacy.
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