Recently, Logan Paul, the brother of the famous American internet celebrity Jake Paul who defeated Tyson, has been questioned by the public for using his own popularity to market the meme coin Elongate and the Non-fungible Token card game CryptoZoo, and then selling them at a high price to make a large profit, causing many investors to lose their money. Currently, more than 130 investors have filed a joint lawsuit against Paul, claiming 4.2 million dollars, but Logan Paul has not directly responded.

Hype meme coin Elongate, suspected to be a high buy low throw

According to reports, Logan Paul actively promoted several high-risk meme coins in 2021 using his own fame, including a meme coin called 'Elongate', and was accused of using anonymous wallets to 'buy low and sell high', making a profit of up to $120,000. As an example, Paul once posted that 'Elongate made me a fortune!' The price of the coin then skyrocketed by 6,000%, but collapsed within a few hours.

Logan Paul promotes Elongate post

And trading records show that an anonymous wallet associated with Paul bought Elongate before he posted and quickly sold it at the peak of the coin price to profit, raising questions about whether Paul used fan trust to boost the coin price for profit. At present, Paul has not responded positively to foreign media accusations, but has denied improper behavior through lawyers, once again focusing on the marketing issues of celebrities in the cryptocurrency market.

Foreign media discovered Logan Paul's series of promotional meme coin posts. The Non-fungible Token card game CryptoZoo turned out to be a scam, leaving players angry and demanding compensation of 4.2 million dollars.

CryptoZoo is a Non-fungible Token card trading game launched by Paul, which has raised a total of 185 million US dollars. Players need to purchase Cryptocurrency Zoo Token to buy 'Non-fungible Token eggs', which can hatch 'virtual animals', and then further generate 'hybrid animals' to earn profits. However, after the launch of CryptoZoo, problems kept arising, and the functionality did not live up to the initial promises, leading to a rapid collapse in the prices of Zoo Token and Non-fungible Token. Some players expressed that they had spent over 40,000 US dollars on CryptoZoo due to trust in Paul, but ultimately ended up with nothing.

More than 130 investors have filed and claimed approximately $4.2 million against Paul. They accused Paul and his team of "selling Zoo tokens privately," quietly buying them themselves when the price was low, and planning to sell Arbitrage after the price reached $200 million. The lawyer pointed out that this kind of behavior is assumed to occur in a listed company, which already constitutes an insider transaction.

Logan Paul faces joint lawsuit from players, previously denied multiple times, now has launched a redemption plan.

In the face of external questioning and criticism, Paul has repeatedly denied any wrongdoing and shifted the blame to other team members. Earlier, Paul announced a compensation plan in which he promised to refund a portion of the funds invested by players who purchased the Non-fungible Token egg, provided that the players do not bring any further lawsuits against him. In addition, Paul has also filed a defamation lawsuit against American internet celebrities who criticized him.

(NBA superstar Shaquille O'Neal pays 11 million euros, Astrals Non-fungible Token and FTX lawsuits are really unbearable)

This article is about internet celebrity Logan Paul's hype of meme coin and non-fungible token card games, which has caused players to lose all their money and seek compensation of 4.2 million dollars. It was first reported on Chain News ABMedia.