Logan Paul, a renowned YouTuber and social media influencer, has finally initiated a refund process for the aggrieved investors of his ambitious but unreleased CryptoZoo non-fungible token (NFT) game. This move comes a year after he had initially promised restitution to the NFT buyers.
Paul used X (formerly Twitter) to announce a "buy back" program on January 4th. In the same post, Paul expressed disappointment over the game's failure to launch.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
NEAR Protocol Explained: Beginner's Guide to NEAR (Animated)
This initiative focuses on repurchasing Base Eggs and Base Animals at their original prices for every investor who intends to participate in CryptoZoo. It is worth noting that according to his claims, Logan Paul is personally funding it with $2.3 million.
The terms and conditions of the buy-back program, which is operational through "EGGNFTBUYBACK.COM" until February 8th, state that eligible participants will receive 0.1 ETH (valued at around $224) for each qualifying NFT. However, hybrid animal NFTs and CryptoZoo (ZOO) token holders are excluded from this program.
Participants in this buy-back scheme are required not to transfer their eligible NFTs post-eligibility confirmation. Additionally, they must agree to waive any current or future legal claims against Paul and associated personnel as part of the agreement.
In an interesting twist, Paul has also filed a cross-claim lawsuit against CryptoZoo's lead developers, Eduardo Ibanez and Jake Greenbaum, in a Texas federal court.
This legal action is in response to an initial lawsuit filed in February 2023 by a CryptoZoo participant, which accused Paul, Ibanez, Greenbaum, and two other team members of orchestrating a "fraudulent venture" leading to a "rug pull." In his defense, Paul shifted the blame to Ibanez and Greenbaum, accusing them of internal sabotage and nefarious trading activities.
CryptoZoo, introduced in August 2021, was designed as a play-to-earn game where players could buy, sell, breed, and trade 'exotic animals' represented as NFTs. The game involved purchasing 'Base Eggs' that would hatch into 'Base Animals', capable of breeding and earning daily ZOO tokens.
The launch of the refund scheme by Logan Paul marks a critical juncture for CryptoZoo investors, coming nearly 12 months after Paul's initial announcement of a recovery plan for the game. He has also confirmed that the launch of CryptoZoo will not occur, citing financial limitations and regulatory challenges as the primary reasons for this decision.
