Benzinga - Logan Paul has finally responded to the CryptoZoo "scam" accusations made by YouTube journalist Coffeezilla.
What Happened: Paul has stated that Coffeezilla's claims are "very real errors" and that legal action is being considered.
See Also: Best Crypto Day Trading Strategies
The explosive feud between Coffeezilla and Paul over the past two weeks has been making headlines and drawing the attention of cryptocurrency investors and influencers alike.
Coffeezilla, the prominent YouTuber known for exposing cryptocurrency scams, recently released a three-part series covering Paul’s CryptoZoo project and its alleged downfall.
After the video series, the two began trading heated words on social media, as Paul sought to defend himself from the growing backlash.
Paul, on Tuesday, responded with a seven-minute YouTube video of his own, refuting Coffeezilla's accusations and threatening legal action for not only misinforming the public but for publicizing an "illegal recording" of his manager, Jeff Levin.
"You still published a defamatory hit piece, fully knowing that I was innocent, just so you could enrich yourself in your '10 million dollar studio.' Sharp! But deeply unethical. Dangerously misleading and illegal. I suggest you use the money you got from pumping your Patreon to hire a good lawyer. You're going to need it,” Paul said.
Where Did It Go Wrong For CryptoZoo? CryptoZoo NFTs has been described by Paul as a “really fun game that earns you money.”
Its website dubs the game as a self-sufficient environment, enabling 'ZooKeepers' to trade, invest in and become proprietors of rare animals and cross-bred species.
Coffeezilla's expose has brought to light the four key participants in CryptoZoo — Paul himself, Jeff Levin, Crypto King and Eddie Ibanez.
Coffeezilla’s research revealed a great deal of mismanagement with CryptoZoo.
Around $2.3 million were reportedly invested into purchasing eggs to hatch in the game. Ultimately, the players who bought these tokens and eggs never even got to use them since the game never went live. Additionally, it was uncovered that the game's supposed artwork, which took six months to make and involved 10 different artists, was actually just taken from Google (NASDAQ:GOOGL).
What’s Next: Paul denounced Eddie Ibanez as a "professional conman." He added that neither he nor his manager, Levin, profited from the project and that they "lost money trying to pick up the pieces."
NFTs are digital assets that are unique, indivisible, and permanently recorded on a blockchain like Ethereum (CRYPTO: ETH), Polygon (CRYPTO: MATIC), Solana (CRYPTO: SOL) and many more.
Price Action: At the time of writing, Ethereum was trading at $1,250, up 2.80% in the past 24 hours, according to Benzinga Pro data.
Read Next: Bitcoin, Ethereum, Dogecoin Slip: Analyst Says This Major Crypto Needs A Bounce Or 'Things Get Painful'
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.