Just thought I’d drop this here. Article has a 1 minute video, all you need to watch.
Doesn’t mean he isn’t responsible for what he did in the past.
If he uses it to get better, great, but he still needs to take responsibility for what he’s done. He has enough money to reimburse all the people he’s scammed.
Wasn’t using it as an excuse. Was just showing that this man likely lacks mental fundamentals such as empathy as proof that he will likely not make morally correct decisions. I remember a loooot of arguments during logans 1st ed box break about how he was ‘reformed and a good person now.’
Logan was a scumbag and has always been one. Likely always will be. For anyone still simping for this guy, know that your judgement is impaired and you’re possibly senile too.
Here’s a funny fact, Lana Rhoades pulled similar crap with her fans using an NFT project. They’re all cut from the same cloth. No wonder they hang out.
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Don’t forget, this famous actress is part of the provenance story for the 3rd BGS 10 1st edition charizard.
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Alright, took the time to watch this video series and it reminded me a lot of Rattle’s videos on the fake 1st Ed. base set box break. Very good investigating by Coffeezilla.
It’s almost delightful seeing scam artists trying to out-scam each other, but unfortunately lots of naive and innocent people lost money here by trusting the wrong people. Yes, it was Jake aka The Cryptoking aka collectibles_guru who tried to outsmart Logan at their own dirty scheme and eventually succeeded. But originally, the con was set up to screw over normal people who are interested in the actual Cryptozoo game.
To recap (and I’m giving Logan the benefit of the doubt here), the original plan was to create this game at least somewhat functional (animal NFTs hatch from eggs and can be fused into chimeras) but rig the underlying crypto token in a classical pump-and-dump manner.
Logan and his inner circle would release the token secretly and then buy the majority of the tokens themselves prior to the official release. After the official release, normal people would buy the crypto token to buy more animal NFTs, thereby increasing the value of the token. After the token reaches a certain value, Logan and his inner circle would start dumping their bought tokens in a controlled manner for a profit. They had a strict set of rules for the way they would dump their own coins:
As Coffeezilla pointed out, this is a conspiracy to manipulate the market and can and should bring all of these crooks to court.
But things took a turn for the worse when Logan decided to do two things: 1. simply refuse to pay the developers that applied to work on Cryptozoo, and 2. hire a professional conman as lead developer. Refusing to pay the devs resulted in one guy going private with the code (or maybe that was just a convenient excuse to not having to finish the development of the game), which led to a dysfunctional game and eggs that never hatched. Eggs that had already been bought by average joes for $2.4 million. What was supposed to be a pump-and-dump scheme became a rugpull.
As for the fraudulent lead dev, this guy called Eddie Ibanez has made his entire career up out of thin air. We know from Coffeezilla that an investigative journalist contacted Logan’s manager and informed him about the inconsistencies in Eddie’s CV, but they didn’t care. In the end, Eddie sold way more coins than agreed in the inside scheme (just like Guru) and went away with over $1.5 million.
As for Guru himself, we (and Logan) already knew that he was a shady individual because of his Pokemon-related activities (which happened prior to the Cryptozoo release). So this begs the question: Why did Logan hire these 2 scumbags and keep working with them despite knowing what kind of person they are? Given the unscrupulous nature of the pump-and-dump scheme, I’m not buying that this was just an accident. I think Logan was looking for unethical people who would agree to participate in this style of scamming, or it’s supposed to be a way to look innocent and shift the blame if things go down. Won’t work on me though.
Logan tried to make a pump-and-dump scheme work and he mostly failed due to his own greed and due to other scammers in his team screwing him over, not because he had a change of heart. And there are still people who believed in Cryptozoo and have lost $2.4mil buying NFT eggs, and there are the Cryptozoo devs that Logan could easily pay out of pocket but refuses to do so.
What disappoints me on a personal level is the faith that the unpaid devs put in Logan. In the videos, they explicitly stated that they joined the project because they had faith in Logan Paul. Just…why? All you have to do is to check some of his history to see that this guy is and always has been highly unethical and would do anything to enrich himself (be it his earlier pump-and-dump scheme using the Dink Doink coin, faking getting his organs blasted out by a shotgun in front of his teenage fans or filming a dead body in a suicide forest to get clicks).
I hate this because I just don’t get it, because noticing that something is wrong and smells fishy with that kind of person is the most obvious thing to me (and I’m 100% sure that this is not rocket science but just common sense). And people falling again and again for these people and even defending them makes me feel like I’m taking crazy pills at times.
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What is that story? I wasn’t paying attention at the time.
I just watched this. Omg this is wild
What’s the story here?
The sad thing is Logan didn’t lose much money. The fanboys ended up holding the bag.
We need more GI Joe and less cryptobro
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The really sad thing is he will still be viewed extremely positively after this and all his other crap
I am confident in saying that Logan Paul, broadly speaking, is viewed negatively. Even this video is focused on this venture being part of his supposed rehabilitation story and we can see how that went.
The secret sauce is that this involved crypto and there is seemingly no shortage of people willing to sacrifice their well-being for the possibility of being the first in the door for what most people can transparently see is a scam. Engaging with this kind of scheme requires a continuous suspension of disbelief and highly operational cognitive dissonance. They are the exact kinds of marks that characters like Logan prosper off of.
The Paul brothers have always been contentious and disruptive figures with a ton of baggage and poor reputations. That was true at the start of this and it’s still true now. But he will find more fans and more followers because the success of these kinds of grifts is always predicated on how “this one is different from all the others” and the promise of making it big is enough to dull the senses of anyone desperate or careless enough to engage.
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There’s some truth to that. I dug a bit deeper, and in my previous comment I underestimated the amount of crypto scams that Logan has already performed. It wasn’t just Cryptozoo and Dink Doink, he did the same thing 6 times already.
Fortunately we already know what his next “project” will be: Liquid Marketplace. Logan’s grand idea of digitally fractionalizing real world trading cards and collectibles, where he then sells you crypto tokens that are supposed to represent ownership of the item in question.
I already covered the most concerning points of the LiquidMarketplace ToS on e4, including the dev team’s ability to change the token price on a whim, the existence of buyouts that allow a holder of 80% or more of crypto tokens representing an item to buy the remaining 20% against the will of the other holders, and the clause to give up any rights to litigate claims in a court.
We had the Liquid Marketplace communications manager in the thread and he did his best to explain why Liquid Marketplace is super trustworthy and secure, but it didn’t convince me and he also contradicted the ToS at times. But you can read that for yourselves.
In a nutshell, I wouldn’t touch Liquid Marketplace with a ten foot pole, because a crucial element of that system is trust (trust that no second identical token will be released out of the blue; trust that the inner circle won’t just change the token price to enable Blitz-buyouts; trust that “a dev with the code” won’t just escape to Switzerland and leave the project dysfunctional; trust that the undisclosed vault where you had to send your collectible to before you could fractionalize it won’t get robbed by someone who’s totally not an insider). And in light of the recent revelations, that trust can’t possibly be there.
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Look up “I spent $150,000 on this pokemon card” on youtube. Logan made a video about the purchase.
She’s sitting on the couch behind logan as he negotiates with Gary for a 1st edition psa 10 charizard, which would get cracked and graded as the third 1st edition BGS 10 charizard. Personally, this increases it’s value.
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If anything can be learned from this it is that you can not trust ANY new crypto currency or NFT associated with it. I dipped a toe in those waters and lost the toe, so now I know to not go swimming in those pirahna invested waters again. To those that lost an arm or leg, I’m sorry…
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I’m developing a slight distaste for the term “bad actors”
Thoughts on the response?
Breakdown of the video:
- I’m suing CoffeeZilla
- The dev had a criminal record so I didn’t pay him
- He didn’t reach out to me for comment in time
- I didn’t make any money (Neglects to mention the egg sale money)
- I’m making the game now I got stung
- I’m suing CoffeeZilla
- My original plan was to scam my audience and make millions, but it didn’t work out so now I’m the victim
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