Logan Paul Can't Dodge CryptoZoo Lawsuit, Says Judge
Main Idea
A US magistrate judge advised against issuing a default judgment against Logan Paul's CryptoZoo co-founders, while the NFT market shows strong rebound with notable activity in CryptoPunks and CryptoBatz collections.
Key Points
1. Judge Ronald Griffin recommended rejecting Logan Paul's request for a default judgment against CryptoZoo co-founders Eduardo Ibanez and Jake Greenbaum, citing potential conflicting outcomes.
2. Logan Paul filed a counterclaim in January 2024, accusing Ibanez and Greenbaum of deceiving him and causing the project's failure, while also setting aside $2.3 million to refund NFT buyers.
3. The NFT market rebounded strongly in July, with a total market cap of $6.6 billion, a 94% monthly increase, and weekly trading volume surging 51% to $136 million.
4. CryptoPunks led the resurgence, with floor prices jumping 53% and one Punk (#5577) sold for $5.15 million in preferred stock, while Pudgy Penguins briefly overtook CryptoPunks in trading volume.
5. Ozzy Osbourne’s death triggered a 400% spike in demand for his CryptoBatz NFTs, with floor prices rising from below 0.02 ETH to 0.08 ETH, driven by fans seeking a digital piece of his legacy.
Description
The judge advised that issuing a default judgment against Eduardo Ibanez and Jake Greenbaum could lead to inconsistent outcomes in the broader lawsuit. Despite Paul's counterclaim and a $2.3 million refund effort, legal troubles persist for him and the NFT project as a while. Meanwhile, the NFT market is rebounding strongly, with its total market cap reaching $6.6 billion in July and CryptoPunks leading the surge. Even Ozzy Osbourne’s death sparked a 400% spike in demand for his CryptoBatz NFTs,...
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