Renowned YouTuber and influential social media personality, Logan Paul, is taking proactive steps to rectify the concerns of certain disappointed investors in his once highly-anticipated CryptoZoo non-fungible token (NFT) game. This initiative comes a year after he reassured NFT buyers of a viable recourse. Logan has introduced a comprehensive “buy back” program, underwritten by his personal commitment of $2.3 million. The program is specifically designed to repurchase Base Eggs and Base Animals at their original purchase prices, extending this restitution to every individual with the intent to engage with CryptoZoo.
Logan Paul Vows to ‘Repurchase’ CryptoZoo NFTs One Year After Guaranteeing Refunds
CryptoZoo, an innovative play-to-earn game that garnered attention upon its announcement in August 2021, offered players a unique platform to buy, sell, breed, and trade “exotic animals” represented as NFTs, using cryptocurrency. The game’s intriguing concept involved players acquiring “Base Eggs” to be hatched into “Base Animals,” which could then be bred to yield daily ZOO tokens. Notably, the NFT marketplace OpenSea witnessed the trading of over 3,009 Ether (ETH), amounting to approximately $6.7 million, for these Base Eggs.
Logan Paul’s commitment to refunding disgruntled investors underscores a significant effort to address the prevailing concerns surrounding CryptoZoo. By pledging to repurchase NFTs at their original prices, Logan is offering affected individuals an opportunity to reclaim their initial investments in this unreleased and highly-anticipated NFT game. This proactive measure showcases a commitment to transparency and accountability within the evolving landscape of NFTs and play-to-earn gaming initiatives.
Logan Paul Set to Fulfill Promise by ‘Buying Back’ CryptoZoo NFTs a Year Later
In a message addressed to his substantial following of 6.8 million on X (formerly Twitter), Logan Paul empathetically expressed his own disappointment over the non-delivery of the CryptoZoo game, acknowledging the collective frustration shared by investors. The announcement, made on January 4, details a buy-back initiative facilitated through the website “EGGNFTBUYBACK.COM,” with a submission deadline extending until February 8.
According to the outlined terms and conditions, eligible participants in the buy-back program will receive compensation in the form of 0.1 ETH, presently valued at $224, for each qualifying NFT they submit. Notably, claimants are advised against transferring their eligible NFTs out of their wallets once their eligibility is confirmed. The terms explicitly exclude hybrid animal NFTs from eligibility, a point emphasized by Paul. Furthermore, investors holding CryptoZoo (ZOO) tokens are informed that they won’t be compensated through the buy-back program. CoinGecko reports ZOO to be currently trading at 99.99% below its all-time high price.
“CryptoZoo was derailed by bad actors. Bad actors who DID steal money and who betrayed our team while internally sabotaging the game,” Paul emphasized on X, shedding light on nefarious trading activities carried out without the team’s knowledge and with the intention of defrauding everyone involved. Paul reiterated in his recent post that he “never made a single penny from the project.”
Participation in the buy-back program comes with an additional caveat. Those choosing to engage in the initiative are required to waive any existing or prospective claims against Logan Paul and associated individuals, as stipulated in the terms. This condition underscores the comprehensive nature of the buy-back program and its implications for participants seeking redress for their CryptoZoo NFT investments.
In his recent X post, Logan Paul revealed that he has filed a cross-claim lawsuit against CryptoZoo’s lead developers, Eduardo Ibanez and Jake Greenbaum, in a Texas federal court.
This legal action comes in response to a lawsuit initiated by a participant in February 2023, alleging that Paul, Ibanez, Greenbaum, and two other team members were involved in a “fraudulent venture” leading to a “rug pull.” Paul, in turn, shifted the blame to Ibanez and Greenbaum, asserting that CryptoZoo fell victim to bad actors who not only stole money but also betrayed the team while internally sabotaging the game.
CryptoZoo was derailed by bad actors. Bad actors who DID steal money and who betrayed our team while internally sabotaging the game, never made a single penny from the project.
Logan Paul
The introduction of the buy-back program follows almost 12 months after Paul initially announced CryptoZoo’s recovery plan. Additionally, he confirmed in his latest statement that CryptoZoo will not be released, citing financial constraints and numerous regulatory hurdles as the primary reasons behind this decision.
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