YouTuber and professional wrestler Logan Paul has filed a lawsuit over his failed NFT venture CryptoZoo. The suit targets YouTuber Stephen Findeisen, popularly known as Coffeezilla.
Filed on June 27 in a San Antonio, Texas District Court, the lawsuit claims Findeisen circulated “false statements” and accused Paul of “operating a scam” involving the CryptoZoo project.
Accusations and an undelivered game
Launched in 2021, CryptoZoo was developed as a game. The idea was for players to buy “eggs,” which were NFTs, using the platform’s ZOO token.
These eggs would “hatch” into animals which could be traded for ZOO tokens. However, none of these claims actually materialised.
The project failed to gain traction and lost all hype around it, resulting in the price of ZOO tokens collapsing.
Findeisen had been investigating CryptoZoo and Paul’s involvement since late 2022. Over the years, the YouTuber has posted a total of three videos, calling the project “Logan Paul’s biggest scam.”
He also accused Paul of defrauding his fans and keeping their money without actually delivering a functional project.
The lawsuit stresses that Paul holds Findeisen accountable for the “immense harm that he has caused to Paul’s reputation.” He is accused of “intentional and reckless dissemination of defamatory falsehoods.”
In addition, the suit adds that Coffeezilla omitted information that proved Paul was “deeply committed” to the project’s success. Paul was allegedly “deceived by several of the project’s trusted advisers who turned out to be conmen.”
The suit also blames Eduardo “Eddie” Ibanez, who was the lead developer behind the project. Ibanez allegedly lied about his credentials and “turned out to be a charlatan.”
Jake Greenbaum, who acted as an advisor to the project, was also accused of trying to “personally profit” from the project.
As such, the suit is currently seeking over $75,000 in damages plus interest and lawyer fees.
Dropped lawsuit and recovery plans
Paul had previously dropped his plans to sue Findeisen back in 2022 when he disclosed a $1.5 million recovery plan for CryptoZoo. At the time, Paul said that the lawsuit won’t help CryptoZoo users.
The suit also highlighted that Paul attempted to buy back $1 million worth of NFTs without having “earned any money” from the project.
Findeisen isn’t the only one to have called out Paul over the CryptoZoo project. In early 2023, Don Holland, a police officer from Texas, sued Paul, alleging that CryptoZoo was a “fraudulent enterprise.”
At the time of writing, the ZOO token had a market cap of $0.
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