Logan Paul is currently fighting a class action lawsuit for fraud over the controversial CryptoZoo project. His legal team have now made it clear that the case should be dismissed entirely, because it was "a passion project, not an investment opportunity".
Logan Paul began the infamous CrytpoZoo project in 2021. CryptoZoo was going to be a Pokemon-like game that included NFTs as pets. He sold NFTs to gullible fans and promised them that their digital purchases would become valuable when the CryptoZoo game was released. However, CryptoZoo was never released.
Update (September 6, 2024) — Logan Paul Pleading For Fraud Lawsuit To Be Dismissed
On February 2, 2023, investors of CryptoZoo filled a class action lawsuit against the YouTuber and his project. Now, Logan Paul's team have called for the whole case to be dismissed due to lack of evidence.
And according to them, CryptoZoo was "a passion project, not an investment opportunity".
“Plaintiffs gambled and lost. They should not now be allowed to maintain implausible, deficient claims against Mr. Paul based on their decisions to ‘invest’ in a project that was not an investment vehicle in the first instance. The Court should dismiss the First Amended Complaint with prejudice and in its entirety.”
So, will it be enough to have the case thrown out, or will the CryptoZoo saga continue?
Logan Paul Reportedly Offered CryptoZoo Victims "5-10%" Of Losses
YouTuber Kavos has been digging into the CryptoZoo story recently, and he's been connecting with sources close to the lawsuit. In a recent bombshell, Kavos revealed that Logan Paul was apparently trying to settle the lawsuit by paying back victims 5-10% of what they lost. And that's gone done as well as you would expect.
Per Kavos:
My reliable sources are telling me that Logan Paul’s best offer was 5-10% of the losses suffered by the CryptoZoo victims An absolute disgrace…So when you hear Logan saying he’s trying to “rectify” the situation. He’s really trying to get away with it for as little as possible.
Logan Paul is yet to release any public statement in response to this news. And, we won't hold our breath waiting for one.
Are you more of a Jake Paul fan these days? We wouldn't blame you.