SUMMARY
- Logan Paul has been in the news for quite a while because of his NFT fraud.
- The WWE star may have lost over $1.2 million on his collective crypto investments.
Logan Paul is a well-known internet personality and also a pro wrestler. He has been creating content since 2010 on platforms like Vine. After the shutdown of Vine, he transitioned to YouTube and amassed a huge audience on the new platform.
The 28-year-old superstar also made his pro wrestling debut in 2021 and is currently signed to WWE. The superstar has made headlines for various reasons, both good and bad. He has been in the news for quite a while because of his NFT fraud.
Logan Paul has been having troubles with his crypto ventures for a long time now, and his NFT fraud is the latest one in the series. According to his interview with Andrew Schulz, the WWE star may have lost over $1.2 million on his collective crypto investments.
When asked by Schulz how much money is lost in crypto and NFT right now, Logan said, “strictly crypto around $ 750k” and “NFTs just by the nature of crypto half a million”. Well, a million dollars may be a big deal for normal people, but Logan, with a net worth of $45 million, may not be hurt much by his losses.
Logan Paul’s CryptoZoo scandal
CryptoZoo was launched by Logan Paul in 2021. It was introduced as a play-to-earn game that revolved around NFTs. The game conceptualized players purchasing egg NFTs with in-game cryptocurrency dubbed “ZOO” and then breeding them to hatch. After hatching, the animal could earn you $ZOO tokens, depending on the rarity of the animal.
Logan promised fans that they could play games and earn a passive income, but it did not turn out as promised. After its initial announcement, many fans of Logan invested thousands of dollars, but Logan abandoned the app for more than a year, and the game is still not out, which cost its investors thousands of dollars.
An independent YouTuber and crypto journalist, Stephen Findeisen, also known as CoffeeZilla, exposed the CryptoZoo scam in a three-part video series on his YouTube channel. He said that the project’s founders had made false promises to the investors.
He faced multiple lawsuits from the investors in this case until he finally came and apologized. Logan pledged to repay the crypto victims $1.3 million and finally launch the game, which is still not paid for.
Logan Paul has previously lost big amounts of money in NFT and crypto
NFT and cryptocurrency gained monumental popularity in 2021 when they were believed to be the next financial revolution. Many big internet personalities dived right into it to gain profits.
Logan Paul launched his NFT project 99 Originals and bought numerous collections and images. He confirmed that he invested around $2.7 million in his collections. Since then, the worth of his NFT portfolio has gone down $1.8 million and is valued at around $889k.
In his podcast ‘IMPAULSIVE,’ Logan explained the market crash in crypto and how he has lost over half a million dollars and his business partner KSI has lost over 3 million dollars in crypto investments.