Logan Paul: Indoor Wrestler, Dink Doink Influencers, Crypto Zoo Controversy

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When you think of cryptocurrencies and criminal behavior, the name Sam Bankman-Fried, once the wonder of the crypto world, instantly comes to mind.

In December 2022, the alleged perpetrator of “one of the biggest financial frauds in US history” was extradited to the United States.

Later this year, the 31-year-old, currently under house arrest, will face fraud charges following the collapse of FTX, the cryptocurrency exchange he oversaw.

But Bankman-Fried is not the only highly influential figure being asked by the public about his promotion of various crypto-related projects.

There is also Logan Paul, an American social media influencer and professional wrestler.

Paul is a popular figure; in truth, he’s an incredibly popular character.

The 28-year-old, who recently got engaged to model Nina Agdal, has 23.6 million YouTube subscribers, 25.9 million Instagram followers and 17.7 million TikTok followers.

But as the WWE Superstar prepares to walk down the aisle, he finds himself accused online of creating a dodgy cryptocurrency.

Two years ago, the world discovered Dink Doink, a cryptocurrency that currently boasts a market capitalization of exactly $0.

Shortly after Dink Doink and a very enthusiastic Logan Paul started promoting it, William White of InvestorPlace wrote a scathing review of the (literally) worthless cryptocurrency.

Dink Doink, he writes, is good at “absolutely nothing.”

Paul, allegedly White, appeared to be participating in a classic pump and dump system that artificially “inflates” the price of the asset.

Initially, thanks to Paul’s promotional efforts, Dink Doink’s value soared by 40,000%. Shortly after the astronomical ascent, Dink plunged in value.

To date, it is important to note that the US Federal Trade Commission (FTC) has not referred the influencer to the US Department of Justice (DOJ) for criminal action.

Shortly after Dink’s death, Paul focused on Crypto Zoo, a pay-to-play crypto-themed game.

Crypto Zoo allows users to “breed, collect, and trade hybrids of exotic animals on the blockchain,” according to Coinbase.

“In the CryptoZoo ecosystem, each animal is a non-fungible token.”

For the uninitiated, blockchain is the underlying technology that powers Bitcoin and thousands of other cryptocurrencies. Non-fungible tokens (NFTs), which also exist on a blockchain, are unique tokens designed to authenticate ownership of digital-only assets.

Apparently designed to be a bit of fun that allows users to earn money, CryptoZoo has turned out to be an absolute nightmare.

The game has seen thousands of people lose outrageous amounts of money. I was alerted by Stephen “Coffeezilla” Findeisen, YouTube’s response to Magnum PI

An investigator of epic proportions, Coffeezilla is an expert at identifying and exposing potential online scams.

On December 19, 2022, Coffeezilla released a sensational video in which he interviewed a number of users who claimed to have lost tens of thousands of dollars to CryptoZoo.

Incredibly enough, one man claimed to have lost US$335,000 (A$500,000). The video went viral. People were outraged.

On January 13, Paul, no longer able to hide from the uproar, posted his own video, discussing his “plan” to reimburse everyone involved.

Six months after the video, Paul’s “plan” has yet to take off. None of the many people affected have been compensated.

Coffeezilla, a man I received feedback from for this article, spoke to the victims.

“The last time Logan communicated with them was in January,” he told Decrypt.

“According to the victims, he said, there is [have] been zero payment. There is no excuse for this. Logan made a public statement about it, took credit for it, and ghosted the victims.

Coffeezilla told me that, while the number of people affected is difficult to calculate, “NFT sales alone were 10,000 units.”

“But the number of actual zoo coin holders is much larger, reaching 19,405 unique addresses,” he continued.

So if Paul were to fix things, how much would he have to pay?

“Just to do NFTs right, you’re looking at $3.6 million that was spent on launch day by Logan fans,” Coffeezilla said.

“He fucked tens of thousands of people and even refuses to partially reimburse a subset of his victims.”

Paul has repeatedly denied any wrongdoing and also promised that “all deserving parties” will eventually be reimbursed.

Decrypt says that Paul – who is currently worth $245 million – doesn’t just owe CryptoZoo buyers money – he also owes Zach Kelling, CryptoZoo’s chief engineer, more than $1 million in fees. For his work.

This isn’t the first time Logan Paul has taken part in the controversial rodeo.

In 2018, during a visit to Aokigahara Forest (also known as the “Suicide Forest”) on Mount Fuji, Japan, the 24-year-old and his film crew discovered a body. hanging from a tree.

As the crew filmed the view, Paul began to make a number of demeaning jokes about the deceased man.

He has since apologized profusely for his behavior.

If it’s true that most people deserve a second chance, how many chances does Logan Paul deserve?

First the shameful incident in Japan, then the shameful Dink Doink charade, and now CryptoZoo, a scheme that has left thousands of users in Australia, the UK, the US and beyond out of their pocket.

Logan, if you’re reading this – and I’m sure you will – do the right thing. Pay all those people you cheated on.

John Mac Ghlionn is a freelance writer

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