A class action lawsuit has been filed against YouTube influencer Logan Paul and his associates over failed cryptocurrency project CryptoZoo, according to court filings dated Feb. 2.
Texas resident Don Holland filed a lawsuit, alleging that the defendant had carried out a “rug pull.” According to Holland, CryptoZoo was promoted through Paul’s online his platform, and thousands of people were persuaded to buy the product.
Associates of Paul who participated in the lawsuit were Daniel Straubel, Jeff Levin, Evie Ibanez, Jake Greenbaum and Ophir Bentov.
Lawsuit Claims CryptoZoo Never Existed
Holland said he knew his money could be lost after Logan Paul announced another NFT project and started ignoring CryptoZoo. He added that “CryptoZoo never released as advertised and the value of Zoo Token and CryptoZoo NFT plummeted.”
of filing The defendants said they manipulated the Zoo Token digital currency market to their advantage.
“As part of Defendant’s NFT scheme, Defendant will transfer cryptocurrencies to purchase CZ NFTs, in exchange for which the purchaser will later receive benefits such as rewards, exclusive access to other cryptocurrencies, etc. We sold CZ NFTs to buyers, falsely claiming they were assets, and the support of an online ecosystem for using and selling CZ NFTs.”
The lawsuit seeks relief from Paul and his associates who advertised and sold products that did not work as advertised. He also accused them of failing to support the CryptoZoo project and manipulating digital currencies.
“[The] The Defendants have defrauded Plaintiffs and thousands of other consumers and have unfairly enriched themselves by profiting from Plaintiffs and others without fulfilling their promises. “
The complaint accused Paul and associates of negligentness, unfair advantage, and fraudulent representation. was prosecuted for
CryptoZoo NFTs became widely known after Coffeezilla researched the project. Logan Paul later revealed plans to refund investors who were dissatisfied with the NFT.