Investors are taking legal action against Logan Paul and CryptoZoo

Don Holland has sued CryptoZoo and Logan Paul, claiming the YouTube star pulled a “rug pull” with his “fraudulent project.”

A new class-action complaint has been filed against CryptoZoo and Logan Paul on behalf of cryptocurrency buyers who claim the companies engaged in a “fraudulent enterprise” and lost millions of dollars worth of crypto.

In addition to Ellzey & Associates, the complaint was filed by the legal office of Attorney Tom, a popular figure on the video-sharing website YouTube.

After “weeks of research and speaking to a number of Crypto Zoo victims,” Attorney Tom said in a YouTube video posted on January 16 that they are suing Paul for the alleged crypto fraud.

Paul released a video on Twitter on January 13 detailing a $1.5 million restitution plan for unhappy CryptoZoo investors.

Moreover, he said that he would no longer sue CoffeeZilla over the latter’s claims that his project is a fraud, explaining that doing so “is not going to benefit Cryptozoo holders” and that he instead plans to concentrate on “friends and supporters of him.”

Paul said that his comeback strategy has three phases, with the first being that he and CryptoZoo co-founder Jeff Levin would destroy all of their ZOO tokens.

He emphasized that doing so would “increase value to the holders’ tokens” and that doing so would provide them with “no financial benefit” in the game.

Paul stated he would spend 1,000 Ether on the project in the second phase so that “disappointed” investors may burn their NFTs and recover their 0.1 ETH (the cost to mint the NFT). The third and final phase is where he plans to “deliver the game as detailed in the whitepaper.”

Also Read: MicroStrategy Has No Intentions To Cease Trading Bitcoin Despite A $1.3 Billion Paper Loss

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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