Players Seek 4.2 Million Dollars in Compensation for Internet Celebrity Logan Paul’s Promotion of Meme Coins and NFT Card Games

Logan Paul, the brother of the famous American internet celebrity Jake Paul, who recently won against Tyson, has been questioned by the public for using his own fame to market the meme coin Elongate and the NFT card game CryptoZoo, and then selling them at inflated prices to earn substantial profits, leaving many investors with nothing. Currently, over 130 investors have filed a joint lawsuit against Paul, seeking compensation of 4.2 million dollars, but Logan Paul has not directly responded.

Speculation on the meme coin Elongate, suspected of buying low and selling high
According to reports, in 2021, Logan Paul actively promoted several high-risk meme coins using his own fame, including a coin called “Elongate,” and was accused of using anonymous wallets to engage in “buying low and selling high,” earning up to $120,000. As an example, Paul once posted claiming, “Elongate made me rich!” Shortly after, the price of the coin skyrocketed by 6,000%, but collapsed within a few hours.


Logan Paul promoting Elongate in a post

Trading records show that an anonymous wallet associated with Paul purchased Elongate before he made the post and quickly sold it at the peak of the price to make a profit, raising doubts about whether Paul used the trust of his fans to artificially raise the price and make a profit. Currently, facing accusations from foreign media, Paul has not responded directly, but has denied any wrongdoing through his lawyer, once again bringing attention to the “marketing issues of celebrities in the cryptocurrency market.”


Foreign media discovered a series of Logan Paul’s promotional posts for meme coins

NFT card game CryptoZoo collapses, players demand compensation of 4.2 million dollars
CryptoZoo is an NFT card trading game launched by Paul, which attracted a total of 185 million dollars. Players need to purchase the cryptocurrency Zoo Token and use it to buy “NFT eggs,” which can hatch “virtual animals” and further generate “hybrid animals” to earn profits.
However, after the launch of CryptoZoo, numerous problems arose, and the functionality did not meet the initial promises, resulting in a rapid collapse of the prices of Zoo Token and NFTs. Some players claimed that they spent over $40,000 on CryptoZoo trusting Paul, but ended up with no returns.
Currently, over 130 investors have filed a lawsuit against Paul, seeking compensation of approximately 4.2 million dollars. They accuse Paul and his team of “selling Zoo Token privately,” secretly buying in at low prices, and planning to profit by selling when the price reaches 200 million dollars. Lawyers point out that such behavior, if it occurred in a listed company, would have already constituted insider trading.


Logan Paul facing a joint lawsuit from players

Repeated denials before, now launching a compensation plan
Faced with public questioning and criticism, Paul has repeatedly denied any wrongdoing and shifted the blame onto other team members. Previously, Paul announced a compensation plan, promising to refund a portion of the funds invested by players in purchasing NFT eggs, but on the condition that players would not bring any further lawsuits against him. Additionally, Paul has filed a lawsuit in the United States against influencers who criticized him, citing defamation as the reason.
(NBA superstar Shaquille O’Neal pays $11 million in compensation, Astrals NFT and FTX lawsuit cannot withstand)