Benzinga - The drama surrounding Logan Paul's CryptoZoo project is far from over.
What Happened: Coffeezilla, in a new video post, raised questions about the sincerity of Paul's promises, suggesting that his motivations may be more about avoiding legal action than anything else.
Despite Paul's video apology on Twitter and promises to help repay the victims of the scam, Coffeezilla questioned the sincerity of Paul's behavior, noting that parts of his apology and new attitude seemed "flat."
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For the uninitiated, Coffeezilla uploaded a three-part series uncovering the details of Paul's project, "CryptoZoo."
Paul quickly responded with a threat of legal action, followed by an apology and a $1.3 million refund program for CryptoZoo investors. But now, Coffeezilla has revealed why he believes this refund plan does “nothing” for most victims of the alleged scam.
In a video posted on Wednesday, Coffeezilla said he doesn't want to downplay the gesture that Logan is making by offering refunds of 1000 Ethereum (CRYPTO: ETH) worth $1.3 million to victims, but “the scam was much bigger than 1.3 million dollars so the fact is, most victims are not going to be made whole by this plan.”
Why It Matters: He reiterated that, based on his investigation, Logan’s team had “scammed over $7.7 million”. However, he made it clear that this refund does not apply to victims who had bought in-game currency or those who currently hold Zoo coins — they will receive “nothing”. “This refund only applies to current egg holders,” he emphasized.
Coffeezilla explained that crypto has plummeted in value since the launch of Logan's egg holders. Even though holders originally paid 2.5 million for the eggs, a refund at the original mint price “would cost only $1.3 million in today’s money.”
He added, “Logan had a simple job to do. All he had to do was just come out, apologize, get as much money back for the victims as possible, but he himself can’t help but play the victim here.”
Price Action: At the time of writing, ETH was trading at $1530, down 3.27% in the last 24 hours according to Benzinga Pro data.
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