Logan Paul initiates $2.3M CryptoZoo NFT buyback

YouTube sensation Logan Paul is making headlines once again, this time with a $2.3 million commitment to refund disgruntled investors of his ill-fated CryptoZoo nonfungible token (NFT) game.

Promising a buy-back program, Paul aims to address the disappointment surrounding the unreleased play-to-earn CryptoZoo game. This move comes almost a year after his initial announcement of a recovery plan for the project.

The buy-back initiative attempts to rectify the disappointment surrounding CryptoZoo’s non-release, but it comes with conditions and legal intricacies.

Logan Paul’s CryptoZoo buy-back program

The $2.3 million buyback program involves Paul personally funding the buy-back of Base Eggs and Base Animals at their original purchase price for individuals who intended to participate in CryptoZoo.

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

Eligible participants stand to receive 0.1 ETH, valued at $224, for each qualifying NFT submitted. However, the terms dictate that hybrid animal NFTs and holders of the CryptoZoo-linked “ZOO” token won’t be compensated under this program.

Additionally, participants must agree to not move their eligible NFTs out of their wallets after eligibility is determined and waive any present or future claims against Logan Paul and related personnel.

Simultaneously, Logan Paul has taken legal action, filing a cross-claim lawsuit against CryptoZoo’s lead developer, Eduardo Ibanez, and Jake Greenbaum in a Texas federal court. Paul shifts blame for the project’s failure, alleging that bad actors engaged in fraudulent trading activities, derailing CryptoZoo while internally sabotaging the game.

The legal action points fingers at internal malpractices, revealing the challenges faced by influencers venturing into the NFT and cryptocurrency space.

Despite Paul’s initial recovery plan attempt almost a year ago, he has confirmed that CryptoZoo will not be released. Citing financial constraints and regulatory hurdles as insurmountable challenges, Paul emphasizes that he never profited from the project, adding that the decision to cancel the game comes as a culmination of nefarious trading activities executed without his knowledge.

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