Logan Paul Denies CryptoZoo Scam Allegations; Ethereum's "BlobScriptions" Spikes Fees; SEC Lawsuit Against Coinbase Proceeds
Summary:
YouTuber Logan Paul has refuted allegations his CryptoZoo NFT project was a scam, stating he also lost money. Meanwhile, Ethereum's new protocol "BlobScriptions" has caused fees for "blobs" to soar. In separate news, a court has denied Coinbase's request to dismiss an SEC lawsuit accusing it of operating as an unregistered exchange, broker, and clearing agency.
YouTuber star, Logan Paul, recently refuted allegations of scamming individuals through his notorious CryptoZoo NFT project. Paul, in a new documentary titled "5 Months with Logan Paul", shared his side of the story. Throughout the documentation, he stated that he didn't make profits from the CryptoZoo endeavor and actually lost as much as half a million dollars. He also clarified his intention to rectify the damage incurred by investors who have been led to believe that CryptoZoo was a fraudulent scheme masterminded by him.
Simultaneously, a new protocol of placing data on Ethereum, known as "BlobScriptions", is causing a sharp increase in "blobs" fees. This system was implemented as part of Ethereum's Dencun update on 13 March. A tool launched on 27 March facilitates users to imprint data, varying from images to words, directly on blobs which serve as affordable, momentary data transporters for transactions. Only five hours post the introduction of BlobScriptions, the fees soared to as much as $18, a significant leap from the previous average fee of $0.01.
In a separate case, on 27 March, a court rejected Coinbase's request for dismissal of a lawsuit filed by the Securities and Exchange Commission (SEC). Judge Katherine Failla ruled in favor of the SEC, allowing it to carry on with its legal proceedings against Coinbase. The SEC alleges that Coinbase has been functioning as an unregistered exchange, broker, and clearing agency.
Coinbase had been sued by the SEC in June 2023 for purportedly breaching security laws. The SEC specifically accused Coinbase of facilitating the listing of 13 tokens that were deemed securities. As a result of the recent court ruling, both parties are now mandated to present a "proposed case management plan" by 19 April.
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Reporters who contributed to this article include Geraint Price, Sam Bourgi, and Felix Ng.
Published At
3/28/2024 4:00:10 PM
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