Investors Filed Lawsuit Against Crypto YouTuber Logan Paul. Indian Government Introduced ‘Jail Time’ for Crypto Tax Invaders

Crypto Bulletin – 3rd of February | Investors Filed Lawsuit Against Crypto YouTuber Logan Paul | Indian Government Introduced ‘Jail Time’ for Not Complying with Crypto Tax

Crypto space is full of newbie influencers, they can be found on YouTube, TikTok, and every other social media platform. And many of them are frauds, (some genuine as well!). Logan Paul is one of those crypto YouTubers, he used his influence and asked his followers to invest in a game called CryptoZoo, which he had ties with and now the investors have filed a lawsuit against him for the rug pull. India has announced its budget for 2023, and Indian crypto communities were expecting some relief in the crypto taxation but now Government has introduced jail time as a punishment for not complying with the crypto taxes.

1. Investors Filed Lawsuit Against Crypto YouTuber Logan Paul

A crypto YouTuber, Logan Paul marketed the game called CryptoZoo which promised investors to get exclusive access to the CryptoZoo ecosystem and other community benefits. Logan had his ties with the project and was not just involved with the marketing or promotions. But as most crypto projects, especially blockchain games end up, CryptoZoo was rug pulled and the investor's money is allegedly taken by the project officials.

Investors filed lawsuit against Logan Paul and CryptoZoo

After talking with a number of investors who lost money in the CryptoZoo, the YouTuber and the attorney Tom has filed a lawsuit against Logan Paul and CryptoZoo executives alleging that they have stolen millions of investor money through fraudulent ventures. The case was filed on the 2nd of February in the Western District of Texas, there is no comment from Logan Paul on this lawsuit, so it will be interesting to see how this thing moves forward. Attorney Tom stated –

“{CryptoZoo executives} executed a ‘rug pull’ by promising purchasers of the nonfungible tokens (NFTs) exclusive access to crypto assets among other benefits, but ultimately abandoned the project and kept the funds.”

I am not calling investors here, but looking for the team behind the project is one of the essential things that every investor should do before investing in any particular project. And investing in a project because some Logan Paul or some YouTuber or influencer is asking for, that’s not a good reason. So do basic research about what the project is and do not fall for the influencers. By the way, it is a really good thing to see that the CryptoZoo investors are fighting back with the lawsuit as every project team should be accountable for their actions, especially for rug pulls. I hope in the future people will think twice before rug-pulling any projects.

2. Indian Government Introduced ‘Jail Time’ for Not Complying with Crypto Tax

On the 1st of February, Nirmala Sitaraman, the Central Finance Minister of India announced the Budget for 2023. The entire Indian crypto community was looking for some relief in the crypto taxes but instead of that Indian crypto communities got the shock, as India has introduced a jail time of 6 months to 7 years, as a punishment for the crypto investors who do not comply with the crypto taxes.

Currently, India has a 30% tax over crypto & 1% TDS and does not allow carrying losses to the next fiscal year. The Reserve Bank of India has been against the crypto industry since day one and there were a number of negative comments on the crypto space from the RBI governor. But even after RBI’s take on the crypto industry, the Indian crypto space has grown tremendously. Indian crypto community had overcome almost and every hurdle whether it be the 2018 ban from RBI, scams in the space, and many other things, it will be interesting to see how they tackle this situation.

Hope you found this article informative and get updated about what’s going on in the crypto space, if yes then do follow me at publish0x @CryptoManthan  for more content.

Thanks for reading!


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Crypto Bulletin by Cryptomanthan
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