Logan Paul Initiates $2.3M CryptoZoo NFT Game Refund Program

by BSC News

January 5, 2024


After a year of unfulfilled promises to compensate NFT investors, Paul has announced a $2.3 million buyback program to refund disgruntled individuals.

YouTube sensation and social media influencer Logan Paul has taken a significant step to address the disappointment surrounding his ambitious CryptoZoo NFT game. 

In a recent announcement on X, Logan Paul disclosed a personal commitment of $2.3 million to fund the buyback program. 

The initiative involves repurchasing Base Eggs and Base Animals at their original purchase price for all individuals who had intended to engage with the CryptoZoo NFT game. Claims for the buyback can be submitted through http://EGGNFTBUYBACK.COM until February 8.

Paul's latest initiative comes a year after he pledged to compensate individuals who invested in his NFTs, particularly those related to the ill-fated CryptoZoo NFT game. Despite the initial hype and millions raised for the project, the game failed to materialize, leading to a wave of discontent among investors.

Paul's Statement: Delivering on a Promise

Expressing his disappointment over the game's failure, Paul stated in the post:

"Today, I am incredibly happy to announce that I am delivering on my promise to buy back Base Egg and Base Animal CryptoZoo NFTs for their original purchase price." 

However, the buyback program comes with certain conditions. Hybrid animal NFTs are not eligible for repurchase, and investors holding CryptoZoo (ZOO) tokens will not be compensated under this program. 

The terms also stipulate that participants must waive any current or future claims against Paul and related personnel. This requirement raises the stakes for investors seeking a refund.

Legal Action and Shifting Blame

Simultaneously, Logan Paul announced a cross-claim lawsuit against CryptoZoo lead developers Eduardo Ibanez and Jake Greenbaum in a Texas federal court. This legal move follows a participant's lawsuit in February 2023, alleging a "fraudulent venture" and a "rug pull" orchestrated by Paul, Ibanez, Greenbaum, and two other team members. 

Paul, in turn, shifted blame to Ibanez and Greenbaum, highlighting the complex legal battle surrounding the failed CryptoZoo project.

CryptoZoo made its debut in 2021, backed by plans to launch an NFT-based game featuring virtual animals. With Logan Paul's extensive promotion through YouTube and podcasts, the project generated substantial hype and fundraising. 

However, doubts about the project's viability arose, fueled by accusations of scamming and unpaid developers from YouTuber Stephen "Coffeezilla" Findeisen, who boasts over 3 million subscribers. In January 2023, Paul committed to refunding CryptoZoo NFT buyers, leading to the current buyback program.


Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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