SUMMARY
- Logan Paul was involved in an alleged CryptoZoo NFT scam where investors lost over $1 million.
- The WWE star revealed his NFT buyback plan in a post on X.
In a lengthy post on X, Logan Paul announced that he would be paying back the people who invested in CryptoZoo. Paul endorsed CryptoZoo in 2021 as a play-to-earn game centered around NFTs. However, after over $1 million was spent on it, the venture crashed and the game was never released. Paul was accused of scamming people. Over two years later, he is trying to do the right thing and pay everyone back.
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
However, the NFT buy-back seems to have a catch. As revealed by TechCrunch, the form that needs to be filled by claimants contains several terms and conditions.
For context, CryptoZoo was a game inspired by Pokemon. Players could purchase eggs and hatch them. This would reveal images of various animals and these animals could be combined to create hybrid animals. These animals could be sold and earnings could be generated within the game that could be cashed out in the real world.
YouTuber Stephen Findeisen, known as Coffeezilla, delved deep into the alleged CryptoZoo scam. He claimed that Paul applied deceptive tactics to scam people. Paul apologized to the investors and claimed that he had hired the wrong people. However, he refuted any claims of wrongdoing.
Making a video on the Logan Paul situation: i’m super happy some of the victims will get refunded 1 year later.
but let’s not pretend there isn’t ulterior motives. Logan is being crushed in a lawsuit right now. As usual he’s trying to save his own skin. pic.twitter.com/ESmeE8gP1x
— Coffeezilla (@coffeebreak_YT) January 5, 2024
In his latest post on X, Paul claimed that he is finally refunding CryptoZoo investors. He provided a link through which claims could be submitted. However, according to TechCrunch, Hybrid Animals are not available for a refund.
Moreover, the terms and conditions in the form state, “note that any submitted NFTs that Paul “in his sole discretion deems ineligible” will not be returned.” Claimants also have to promise “not to take legal action against him in relation to CryptoZoo.”
Logan Paul claims he filed a lawsuit against the “bad actors” of CryptoZoo
In the same X post, the YouTuber-turned-WWE star also filed a cross-claim. He wrote that he “filed a lawsuit in federal court in Texas to hold these bad actors accountable.”
“This lawsuit is the result of an exhaustive investigation that included the review of the entirety of conversations and tracking nefarious trading activity related to the project,” Paul claimed. “Nefarious trading activity taken behind our backs, without our knowledge, and with the intention of defrauding us all.”
NEWS: @LoganPaul has announced a buy-back program for CryptoZoo NFTs amid an ongoing class-action lawsuit.
Paul will personally commit $2.3+ million to the program.
Paul has also filed a federal lawsuit against “bad actors” he claims stole money and derailed the project. pic.twitter.com/Y8fjqxkDqp
— nft now (@nftnow) January 4, 2024
As reported by TechCrunch, in the cross-claim, Paul alleged that Jake Greenbaum and Eduardo Ibanez were “con artists” who “sabotaged” the project. Greenbaum and Ibanez were people who worked with Paul on the CryptoZoo project. Paul also claimed that Greenbaum and Ibanez pocketed “millions” from the scam.
Further, Paul wrote that he spent $400,000 on the CryptoZoo project. However, the game will not be released anymore.