The Million Dollar Scandal: Inside the Controversial CryptoZoo Game That Fleeced Players Out of Their Savings
In 2020, Logan Paul, a popular YouTuber, and his team developed a blockchain game called CryptoZoo. Subsequently, @coffeebreak_YT investigation of Logan Paul's blockchain scam inspired this article.
Advertised as a fresh and exciting way to make money with the help of crypto and NFTs, the game has received positive feedback from players (non-fungible tokens).
However, it was the subject of much debate, and many participants felt duped and misled. Many reports of players losing sizeable sums of money on the CryptoZoo game because of the prohibitive entry fee and the game’s inability to perform as advertised.
They have reported that some players lost as much as $50,000, while others lost only $40,000 or $15,000. One player lost AUD 500,000, or about USD 500,000, in CryptoZoo. It’s important to remember that individual players’ losses could have been significantly higher or lower than the averages we’ve provided. Individuals’ reactions to the game were likely shaped by several factors, including the sums of money at stake and their general comfort with risk.
The game’s premise was straightforward: for the game’s in-game currency, called Zoo tokens, players could buy virtual items called eggs. Animals hatched from these eggs could be bred to produce hybrid species. The higher the NFT’s rarity, the greater the daily yield of Zoo tokens its owner would ostensibly receive. The goal of this return was to provide the player with a steady stream of passive income. Players could also get back any earned Zoo tokens by burning their NFTs; these tokens could be traded for other NFTs or sold on the open market.
Show Tweet from <blockquote class="twitter-tweet"><p lang="en" dir="ltr">I spent the last year investigating Logan Paul's blockchain scam "CryptoZoo". It became a 3 part docuseries. Part 1 is NOW LIVE. <a href="https://t.co/KhVeVJRDeO">https://t.co/KhVeVJRDeO</a></p>— Coffeezilla (@coffeebreak_YT) <a href="https://twitter.com/coffeebreak_YT/status/1603904533691785216?ref_src=twsrc%5Etfw">December 17, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
They advertised the game as a novel and entertaining way to get acquainted with the cryptocurrency market while providing a passive income stream using cryptocurrencies and NFTs. Many people had problems with the game from the get-go. The initial price for a single NFT was around $100, and the rarest NFTs could cost upwards of $10,000 or more, which was a significant barrier to entry. This made it challenging for many people to join the game, especially considering the volatility of the Zoo token’s return and the fact that there was no assurance that anyone would win any money. One more problem was that there needed to be more openness about the game. Despite its advertised financial potential, the game’s intended mechanics and the formula for determining the yield of Zoo tokens needed to be made clear.
As a result, many participants felt misled by the project, as they had trouble understanding what they were getting into. Besides these problems, the game could never function correctly because of technical issues. Many participants complained that they were locked out of their accounts or that their NFTs were not producing the expected Zoo tokens. Many players felt duped by the game because of this and expressed their anger online. Fraud and abuse allegations surfaced as the debate surrounding CryptoZoo heated. Some players claimed Logan Paul and his team were using the game to scam money out of naive investors and had no intention of providing the promised returns. Some critics claimed the game was built in a way that made it impossible to win while still requiring a significant financial investment.
Logan Paul and his team ultimately abandoned the project, leaving many participants feeling frustrated and betrayed. Many people said they lost a lot of money because of CryptoZoo; some said they lost hundreds of thousands. The game now warns those considering investing in the volatile and unregulated cryptocurrency and NFT markets it is crucial to be aware of the risks involved.
Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.