- Logan Paul pledges $2.3M to refund CryptoZoo NFT investors, accepts the project’s failure, and files a lawsuit against bad actors.
Influencer Logan Paulhas resumed making efforts towards fulfilling his promise to refund investors of his failed NFT project, CryptoZoo. Yesterday, He announced a buy-back program on X, personally promising over $2.3 million in refunds.
Paul admitted that the project failed and blamed bad actors for its failure. Despite its initial promise and comparison to popular games, the venture faced significant criticism for unfulfilled promises and unrecovered investments.
Paul accepted responsibility for the project’s outcome and is willing to cover the losses of the project investors.
CryptoZoo, a project once seen as a lucrative game, came under scrutiny following an exposé by YouTuber CoffeeZilla.
To get justice, Paul announced that he had filed a lawsuit in the federal court of Texas to hold the bad actors accountable, he made the 25-page lawsuit file public, further mentioning that the game will not be released despite the initial amount he invested towards the development of the game.
The NFT buy-back will occur on a website he linked on his X post, where claims will be submitted for review.
He claims that the buy-back is not intended for people who gambled on the crypto market (zoo token) saying it was “not intended as an investment vehicle,” as outlined in the original WhitePaper.
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
This has been a twist in the outcome as Logan Paul has been heavily criticized over the last months for failing in his promise to refund investors, his move to repay now could redeem his integrity and put a stop to the overwhelming criticism that he faces from the crypto community.