According to a document filed in court on February 2, a class action lawsuit concerning the unsuccessful cryptocurrency project CryptoZoo has been lodged against YouTube personality Logan Paul and his accomplices. According to the allegations made in the complaint, Logan Paul and his friends attempted to “rug pull” the unsuccessful CryptoZoo enterprise.
Don Holland on the lawsuit
Don Holland, who resides in Texas, was the one who initiated the legal action and said that the defendants engaged in a “rug pull.” According to Holland, the promotion of CryptoZoo was done via Paul’s various online platforms, which resulted in the purchase of the product by thousands of people.
Paul’s acquaintances, including Danielle Strobel, Jeff Levin, Ebbie Ibanez, Jake Greenbaum, and Ophir Bentov, were named defendants in the complaint.
What are the accusations?
After Logan Paul unveiled yet another NFT project and began ignoring CryptoZoo, Holland said that he realized it was quite probable that he had lost his money. In addition to this, he stated that “CryptoZoo was never released as advertised, and the worth of the Zoo Tokens and CryptoZoo NFTs plummeted.”
According to the lawsuit, the defendants attempted to gain an advantage for themselves by manipulating the market for Zoo Tokens, which is a kind of digital money.
The case was filed against Paul and his accomplices because they marketed and sold items that did not perform as described. The action seeks damages from Paul and his partners. In addition, it accused them of not supporting the CryptoZoo project and trying to manipulate the digital currency.
“[The] Defendants committed fraud against the Plaintiff as well as thousands of other consumers, and they unjustly enriched themselves by making profit off of the Plaintiff and others while not delivering on their promises.”
In the legal complaint, Paul and his associates were accused of engaging in fraudulent representation, as well as acts of negligence and unjust enrichment. In addition, they were charged with conspiracy to commit fraud and violating the Deceptive Trade Practices Act of the state of Texas.
As a result of Coffeezilla’s investigations into the project, the notoriety of the CryptoZoo NFTs increased significantly. Later, Logan Paul disclosed a proposal to provide investors in the NFTs who were unsatisfied with their returns a refund.
