Logan Paul, the popular YouTuber, recently defended his controversial CryptoZoo project in a new documentary titled “5 Months with Logan Paul.” During an interview with journalist Graham Bensinger, Paul addressed the accusations surrounding the nonfungible token (NFT) gaming project and argued that it was not a scam, despite many investors losing money.
Bensinger highlighted the fact that Paul’s involvement had led people to lose money, but Paul acknowledged that there was some truth to that statement. However, he vehemently denied any fraudulent intent, stating, “I didn’t make any money, bro. I’ve lost half a million dollars on this. Where is the scam?”
In the documentary, Paul also opened up about the toll the CryptoZoo project took on his mental health, revealing that he had experienced suicidal thoughts. He admitted, “For the first time in my life, I was having suicidal thoughts. I was just spiraling.”
In an attempt to counter the allegations against him, Paul expressed his intention to “take care” of the individuals who had portrayed CryptoZoo as a scam orchestrated by him. This is not the first time Paul has made such promises, as he previously threatened to take legal action against YouTube journalist Stephen Findeisen, also known as Coffeezilla, for his coverage of the project. However, Paul later apologized to Findeisen and retracted his threats.
To address the concerns of those affected by the failed project, Paul announced a $1.5 million recovery plan in January 2023. However, it wasn’t until a year later, following a class-action lawsuit, that the buyback plan was finally implemented.
In February 2023, disgruntled investors filed a class-action lawsuit against CryptoZoo and Paul, accusing them of orchestrating a rug pull and stealing millions of dollars. Despite the legal battles, Paul assured the public that he was committed to rectifying the situation.
Paul’s buyback program, which began on January 5, offered refunds to users, but with a catch. Participants had to waive any current or future claims against the YouTuber in order to receive a refund.
Despite the controversies surrounding the CryptoZoo project, Paul remains determined to address the issues and make amends, emphasizing that he is not sorry for his actions.