Published
3 months ago on
January 05, 2024
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YouTuber and social media influencer Logan Paul has promised to refund disgruntled investors of his ambitious CryptoZoo NFT game as long as they don’t sue him after they get the refund.
The initiative from Paul comes a year after he promised individuals who purchased his NFTs after the ambitious game failed to see the light of day.
Logan Paul Promises Refunds
Paul announced the refund initiative on X, stating that the “buy back” program will be funded by $2.3 million he has personally committed to the cause. The program will see Paul buy back Base Eggs and Base Animals at the original purchase price for every individual who wished to play the CryptoZoo NFT game. In a post on X, Paul stated,
“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. This buy-back program is being carried out at http://EGGNFTBUYBACK.COM. Claims can be submitted through this site through February 8.”
Logan also stated that he was extremely disappointed the game was not delivered, adding,
“With this buy-back program, I am personally committing more than $2.3 million to buy back Base Eggs and Base Animals from every person who intended to play CryptoZoo. Like you, I was highly disappointed that the game was not delivered.”
CrytpoZoo was an ambitious NFT game where users could collect NFTs. Each NFT was an egg that would hatch into an animal, assigned one of five rarity levels. Players could grow these NFTs and breed them to produce hybrid animals, which also varied in rarity. Each time an egg hatched, it gave the holder some ZOO tokens, with the amount being determined by the animal’s rarity. However, the project never saw the light of day.
A three-part investigation by YouTube reporter Coffeezilla documented the project’s demise after it was left in limbo by Paul and the developers working on it.
Details Of The Program
According to the terms and conditions of the buy-back program, eligible users will receive 0.1 ETH, currently worth $224, for each NFT they submit. It further added that successful claimants must not remove their NFTs from their wallets after being deemed eligible for a refund.
Furthermore, Hybrid Animal NFTs will not be eligible for the buy-back program. Paul also added that investors holding the CryptoZoo-linked ZOO token will not be compensated under the buy-back program. Currently, the token is 99% off its all-time high price, according to data from CoinGecko.
The terms also stated that those who will be participating in the buy-back program will waive any current or future claims against Paul and any other related personnel.
Paul Files Cross-Claim Lawsuit
Paul also stated in his post that he had filed a cross-claim lawsuit against CryptoZoo lead developer Eduardo Ibanez and Jake Greenbaum in a Texas Federal Court. In a lawsuit that was initially filed by a participant in 2023 alleging that Paul, along with developers Ibanez and Greenbaum, along with two other team members, planned to engage in a fraudulent venture to execute a rug pull, Paul shifted the blame to Ibanez and Greenbaum.
“As I said a year ago, CryptoZoo was derailed by bad actors. Bad actors who DID steal money and who betrayed our team while internally sabotaging the game. This has now been confirmed by an extensive investigation that has involved forensic analysis of blockchain activity and the review of thousands of communications. This lawsuit is the result of an exhaustive investigation that included the review of the entirety of conversations and tracking nefarious trading activity related to the project. Nefarious trading activity taken behind our backs, without our knowledge, and with the intention of defrauding us all.”
Paul also stated that he had not made a single penny from the project.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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