Logan Paul Launches Refund Plan for CryptoZoo Investors
Key Takeaways
- Logan Paul is launching a “buyback” program for CryptoZoo NFT game investors, backed by $2.3 million of his own money.
- The refund plan excludes holders of hybrid animal NFTs and CryptoZoo (ZOO) tokens and requires eligible participants to waive any legal claims.
- Paul files a cross-claim lawsuit against CryptoZoo’s lead developer and confirms that the game was canceled due to financial and regulatory hurdles.
logan paulA famous YouTuber and social media influencer, The refund process has finally begun For investors dissatisfied with the ambitious but unreleased CryptoZoo non-fungible token (NFT) game. this move This comes a year after he first promised compensation. To NFT buyers.
Paul uses X (formerly Twitter) to Announces “Buyback” Program On January 4th. In the same post Paul expressed disappointment over the game’s failure to launch..
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This initiative focuses on: Repurchase basic eggs and basic animals at their original price It is for all investors who want to join CryptoZoo. According to his claim, Logan Paul is personally providing $2.3 million in funding..
The terms and conditions of the buyback program, which operates through “EGGNFTBUYBACK.COM” until February 8, state as follows: Eligible participants will receive 0.1 ETH (equivalent to approximately $224) for each eligible NFT.. However, holders of hybrid animal NFTs and CryptoZoo (ZOO) tokens are excluded from this program.
Participation in this buyback plan is mandatory. Do not transfer eligible NFTs after confirmation of eligibility.. You must also agree to the following: You waive any and all current or future legal claims against Paul and its associates. As part of the contract.
With an interesting twistPaul also filed a cross-claim lawsuit against CryptoZoo’s lead developer.Eduardo Ibanez and Jake Greenbaum in Texas federal court.
The legal action is in response to an initial lawsuit filed by a CryptoZoo participant in February 2023, accusing Paul, Ibanez, Greenbaum and two other team members of orchestrating a “fraudulent act” that led to a “rug pulling.” In his defense Paul passed the blame on to Ibanez and Greenbaum.It denounces internal sabotage and nefarious trading activities.
CryptoZoo, introduced in August 2021, is designed to: A play-to-profit game where players can buy, sell, breed, and trade ‘exotic animals’ represented by NFTs.. The game involved purchasing ‘basic eggs’ which would hatch into ‘basic animals’ that could be bred and earned daily ZOO tokens.
The launch of Logan Paul’s refund plan marks a significant moment for CryptoZoo investors, nearly 12 months after Paul first announced his plans to restore the game. He also confirmed that CryptoZoo’s launch will not happen, citing financial limitations and regulatory issues as the main reasons for this decision.
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