Logan Paul ‘personally pledges’ $2.3 million to buy back CryptoZoo NFTs.
Internet celebrity and wrestler Logan Paul Announced today on A repurchase program for CryptoZoo NFT project participants and new suit Against his two co-creators.
The influencer wrote that he personally planned to invest more than $2.3 million to buy back Base Eggs and Base Animals NFTs from “everyone who wants to play” the CryptoZoo game, but that never came to fruition. NFT holders can submit claims online until February 8, he said.
CryptoZoo debuted in 2021 with plans to release games based on NFTs of animals. With extensive promotion through YouTube and podcasts on Paul’s behalf, the project gained great traction and raised millions of dollars.
However, doubts emerged surrounding the viability of the project. YouTuber Stephen “Coffeezilla” Findeisen has over 3 million subscribers on the platform. The project was denounced as a fraud. Paul doesn’t pay developers. In January 2023, Paul promised refunds to CryptoZoo NFT buyers.
ZOO, the Ethereum-based token associated with the project, does not appear to be eligible for redemption. “This buyback is not intended to compensate those who gambled and lost money in the cryptocurrency markets,” Paul wrote. “It is important to remember that the Zoo token was created to support CryptoZoo games and players. As explained in the original white paper, it is ‘not intended as an investment vehicle’.”
To be eligible for redemption, claimants must agree to waive any actual or contemplated claims against Paul as set forth in the terms and conditions of the online form.
Some Buyers Buying CryptoZoo NFTs on Discord Channel “Crypto Zoo Victims” Paul’s compensation plan seems questionable. “I missed providing my information to help with (the lawsuit). I haven’t invested as much as others here, but I would prefer to get my money back,” wrote one Discord channel user.
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Paul also revealed in his X post that he filed a cross-claim against Eduardo Ibanez and Jake “CryptoKing” Greenbaum on Thursday. Paul claims they are the key developers on the project.
“I have filed suit in federal court in Texas to hold these bad actors accountable,” Paul said in the post. “This lawsuit is the result of a thorough investigation, including reviewing all conversations related to the project and tracking unethical trading activity.”
In February 2023, Logan Paul, Ibanez, Greenbaum, and other CryptoZoo affiliates were accused of coercing NFT buyers in a class action lawsuit. January 4th legal report Paul denied the fraud allegations made against him based on his link to X’s post.
Meanwhile, the influencer noted that the NFT game in question will never be released, claiming there are “too many regulatory hurdles” despite spending $400,000 of his own money on the project.
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