Logan Paul ‘Buys’ CryptoZoo NFTs One Year After Entering Return
YouTuber and social media influencer Logan Paul is set to return money to disgruntled investors of his once-ambitious CryptoZoo nonfungible token (NFT) game – a year after responding to NFT buyers.
According to Logan, the “buy back” program is funded by the $2.3 million he is personally managing, and “includes the purchase of Base Eggs and Base Animals at the original purchase price for each person who intends to play CryptoZoo.”
CryptoZoo was a never-before-released game that allowed players to buy, sell, mine, and trade crypto (represented by NFTs). It was first announced by Paul in August 2021.
Players can buy “Base Eggs” to hatch into “Base Animals”, which can be bred and given daily $ZOO tokens. Over $6.7 million worth of base eggs (3,009 ETH) have been traded on OpenSea.
Today, I am incredibly happy to announce that I am fulfilling my promise to buy back Base Egg and Base Animal CryptoZoo NFTs at their original purchase price. This buyback program is being run through claims that can be made through this website… pic.twitter.com/VMPDHvdXkq
— Logan Paul (@LoganPaul) January 4, 2024
Paul told his 6.8 million followers in a January 4 X (ex-Twitter) post, “Like you, I'm very disappointed that the game wasn't delivered.”
A buyback program is underway at “EGGNFTBUYBACK.COM” and claims can be submitted until February 8, Paul added.
According to the terms and conditions, those who qualify will receive 0.1 ETH, currently worth $224, for each eligible NFT. Successful claimants do not have to withdraw the eligible NFTs from their wallets once they are determined to be eligible.
“Hybrid Animal NFTs will not be eligible for buy-back,” Paul added, adding that investors holding CryptoZoo's “ZOO” token will not be compensated in the buy-back program. ZOO is 99.99% off its all-time high, according to CoinGecko.
In addition, those who decide to participate in the buyback program are obligated to waive any present or future claims against Paul and any related employees.
Related: Investors Still Waiting on $1.9M Refund Logan Paul Promised 6 Months Ago: Coffeezilla
As part of his X post, Paul announced that he has filed a lawsuit in Texas federal court against CryptoZoo's lead developer Eduardo Ibanez and Jake Greenbaum.
In early February 2023, a participant filed a lawsuit alleging that Paul, Ibanez, Greenbaum and two other gang members engaged in a “fraudulent operation” to commit “carpet pulling” – with Paul shifting the blame to Ibanez and Greenbaum.
“CryptoZoo was hacked by bad actors. Bad actors who stole money and betrayed our team when they broke the game internally,” added Paul X.
“Unbeknownst to us, a nefarious business that was taken behind our backs with the intention of defrauding us all.”
Paul reiterated in a recent post, “I'm not taking a dime out of the project.”
The buyback program comes 12 months after Paul announced plans to buy back CryptoZoo.
Citing financial constraints and too many regulatory hurdles as the two main reasons behind the decision, CryptoZoo confirmed that it will not be released.
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