CryptoZoo was a blockchain play-to-earn game project that officially launched in 2021. The platform lets users sell, buy, trade, and breed “exotic animals” as non-fungible tokens (NFTs) with cryptos.
Social media influence and YouTuber, Logan Paul, is making things right for the investors who lost investments on his NFT play-to-earn project called CryptoZoo in late 2021.
Paul posted on X that he is delivering on his promise to buy back Base Egg and Base Animal CryptoZoo NFTs for their original price. In January 2023, Logan Paul who is an internet influencer and wrestler pledged to repay gamers “who intended to play” the CryptoZoo game before its untimely collapse. Now, he has committed $2.3 million towards the recourse.
Users Must Submit Claims By February 8
Based on the post on X, all affected users can submit their claims on the CryptoZoo buyback website until February 8, 2023. Nonetheless, to receive these funds, the claimants “must agree to waive any actual or anticipated claims against Paul”.
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 https://t.co/XIQzLAGKiG. Claims can be submitted through this site… pic.twitter.com/VMPDHvdXkq
— Logan Paul (@LoganPaul) January 4, 2024
Paul unleashed the CryptoZoo project in August 2021 with massive promotions on social media platforms like podcasts and YouTube to attract many users. Moments later, CryptoZoo gained recognition among the gamers who would purchase “Base Eggs”, to be hatched into “Base Animals” that could also breed and yield daily Zoo tokens.
Because of its extensive hype and popularity within the crypto space, the project raised millions of dollars from the investors. Nonetheless, trouble started in paradise when a YouTuber, Stephen “Coffeezilla” Findeisen, raised the alarm. He accused this project of being a scam.
Findeisen also told his over three million subscribers on YouTube that Logan Paul failed to pay those he hired to develop CryptoZoo. The revelation eventually resulted in the downfall of the project, leaving users who bought the NFTs deep in losses.
In February 2023, the investors came together to file a class action lawsuit against Paul, Greenbaum, Ibanez, and other affiliates of CryptoZoo for rug-pulling the project. Logan Paul asked the investors to drop all charges against him in the suit before he joined the buyback program.
Logan Paul Files Lawsuit Against CryptoZoo Co-Founders
Opposed to Findeisen’s allegation that Paul never paid his developers, the social media personality explained that he spent $400,000 to build CryptoZoo. He also said that the project was “sabotaged by bad actors” who stole money from the game and betrayed the team.
The social media influencer stated that he discovered this through an exhaustive investigation that involved “forensic analysis of blockchain activity and the review of thousands of communications”.
In the wake of these findings, Logan Paul has filed a lawsuit in the US District Court for the Western District of Texas against his co-founders Jake “CryptoKing” Greenbaum and Eduardo Ibanez.
Paul stated:
“With this evidence in mind today, I have filed a lawsuit in federal court in Texas to hold these bad actors accountable.”
