In this section, find each week the Analyzes And Crypto News not to be missed this week: Logan Paul and CryptoZoo in court for Anarque at the NFTS
It’s a story we’ve been hearing for a long time but which is now taking a new turn. Several investors have come together to file a complaint against Logan, a YouTuber with nearly 23.5 million subscribers. This following a potential NFT scam with a project called CryptoZoo
In a petition filed Feb. 2 in court for the Western District of Texas. Plaintiffs allege that Logan Paul and other CryptoZoo members staged a “rug pull“:
“Defendant marketed the CryptoZoo project claiming that by purchasing the NFT, buyers would later receive benefits, including staking, exclusive access to rewards in other cryptocurrencies, and support from an online ecosystem. line where the NFT will have an interest. »
Specifically, NFT buyers were promised exclusive access to blockchain games, airdrops, staking options, and more. A sales phase took place in 2021. However, nothing has yet been issued by CryptoZoo and the team is still withholding funds:
“In fact, shortly after completing the sale of all their NFTs, CryptoZoo members[…] transferred millions of dollars worth of cryptocurrency to, among other things, wallets controlled by the defendants. »
In this case, are accused Danielle Strobel, Jeff Levin, Eddie Ibanez, Jake Greenbaum otherwise called “ Crypto King ” and Ophir Bentov or Ben Roth.
CryptoZoo, is it really a Scam?
The story began last December when Coffeezilla. A YouTuber with 2.5 million subscribers investigated the cases of CryptoZoo and Logan Paul. Thanks to numerous interviews, community outreach and extensive research on the CryptoZoo project. We now know that Logan Paul’s ambition is not really to deliver a blockchain game, but to make money…
In a video response, Logan Paul denied the allegations. He claims the developers “stole the game code, fled to Switzerland and demanded $1 million“. He also threatens to sue Coffeezilla.
Logan Paul’s response to CryptoZoo
In fact, the American influencer and entrepreneur finally admitted his mistake and announced his intention to restart the CryptoZoo game. The plan will provide NFT holders with 1,000 Ether (ETH) to repay their initial investment of 0.1 ETH. This will also allow the development of the game to resume.
Crypto-Bank Silvergate placed under Investigation by the US Department of Justice
The US Department of Justice has reportedly launched an investigation into cryptocurrency bank Silvergate for possible ties to FTX and Alameda Research.
In fact, individuals who wished to remain anonymous due to the sensitivity of the investigation. Said authorities wanted to look into the accounts of Sam Bankman-Fried of Silvergate and his company.
Note that Silvergate is not currently convicted of any charges and cannot be prosecuted following an investigation. But earlier this week, a bipartisan group of US senators sent Silvergate a letter. They ask for details about his relationship with Sam Bankman-Fried, calling previous responses “evasive and incomplete“.
Regarding its relationship with FTX and Alameda, Silvergate previously announced that it was reviewing transactions involving Sam Bankman-Fried and assures that everything is in order.
MicroStrategy in Turmoil
In August 2020, publicly listed company MicroStrategy (MSTR shares) did not skimp on its Bitcoin purchases. It has accumulated a huge stash of 132,500 BTC so far, worth $3.1 billion.
With such exposure to the kings of cryptocurrency. One might suspect that MicroStrategy’s year-end 2022 will head in the same wrong direction as the cryptocurrency market. The company, founded by Michael Saylor, posted a net loss of $249.7 million in the last three months of 2022. According to its fourth quarter earnings report published on February 2, 2023.
The potential capital loss on the company’s bitcoin holdings is weighing on MicroStrategy’s balance sheet. His BTC cost the company (almost) $197.6 million. 2022 as a whole is even worse. The theoretical unrealized loss was $1.3 billion between the selling price of BTC at the start of 2022 and the selling price at the end of last year.
Crypto of the Week – SingularityNet (AGIX)
SingularityNET is a decentralized platform focused on artificial intelligence. Its objective is to promote interoperability in the field of AI. In fact, the field of AI comes up against certain limitations. There is currently no way for artificial intelligence to communicate data and coordinate processes. Everything has to be done manually and is very expensive.
It is impossible to find a service in the AI space and be able to assess its quality. Testing your service is essential and involves great avoidable risks. Developing AI, connecting it to other users and commercializing it is extremely expensive and ultimately inaccessible to most organizations. Therefore, SingularityNET steps in to offer solutions to all these problems. And also, open the AI market to the whole world.
With a Market Cap of 469,975,644 , a price at 0.392 , the price undergoes this week an increase of 138.87% , causing it to rise to the 79th place in the CoinMarketCap ranking.
Don’t forget to read our news from last week !
This article is not investment advice. Do your own research before investing in the cryptocurrency market.