Logan Paul, the controversial YouTuber and influencer, has taken a dramatic turn in the saga surrounding his troubled NFT project, CryptoZoo.
In a recent tweet, Paul announced a comprehensive buyback program for Base Egg and Base Animal NFTs, a lawsuit against “bad actors” who allegedly derailed the project, and the unfortunate cancellation of the CryptoZoo game itself.
Logan Paul has announced all of these on X with the following words:
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
Logan Paul makes up for CryptoZoo’s loss
The central piece of Paul’s announcement is the NFT buyback program, fulfilling a commitment to reimburse holders for their original purchase price. Claims can be submitted through a dedicated website until February 8th, with Paul personally committing over $2.3 million to the initiative. This move reflects his intent to compensate those who genuinely believed in the CryptoZoo vision, though it excludes those who simply saw the tokens as speculative investments.
However, Paul isn’t letting accusations of internal sabotage go unanswered. He claims a year-long investigation uncovered the actions of “bad actors” who stole money and undermined the project’s development. A detailed lawsuit filed in federal court lays out these allegations, aiming to hold those responsible accountable.
While the buyback offers some closure for NFT holders, the dream of a fully functional CryptoZoo game remains unrealized. Regulatory hurdles unforeseen by Paul have become insurmountable, forcing him to abandon the project despite spending $400,000 on its development. This final decision, while disappointing, highlights the complex and evolving landscape of the NFT and blockchain space.
The catch? You can’t sue him if you get a refund. Backlash? A website called Logan Paul Scams.
How to file a CryptoZoo claim
Did you get hit by the hype-train as well? To file a CryptoZoo claim, follow these steps:
- Visit the official website: Begin by accessing the official buyback website: http://EGGNFTBUYBACK.COM. This is the only legitimate platform for filing claims
- Verify eligibility: Ensure you possess either a Base Egg or Base Animal CryptoZoo NFT and that you purchased it with the intention of playing the game, not solely as an investment. The buyback doesn’t cover those who bought ZOO tokens without NFTs
- Connect your wallet: Link your cryptocurrency wallet, such as MetaMask or Trust Wallet, to the buyback website. This grants the platform access to verify your NFT ownership
- Submit NFT details: Provide the necessary information about your eligible NFTs, including their IDs and original purchase prices. Accuracy is crucial for a successful claim
- Review and confirm: Meticulously review the submitted information to ensure its correctness. Once satisfied, confirm your claim
The processing time for claims may vary. Stay patient and monitor your email or the buyback website for updates regarding the status of your claim. If your claim is approved, you’ll receive payment for your NFTs in Ethereum (ETH) at their original purchase price. The funds will be sent to your linked cryptocurrency wallet.
What was CryptoZoo?
CryptoZoo started with a big bang: YouTuber Logan Paul’s NFT project promising Pokemon-like hybrid creatures, blockchain-powered breeding, and play-to-earn thrills. But the hype soon hit a wall. Accusations of internal sabotage flew, regulatory red tape tangled the game’s development, and the community grumbled about high costs and shaky promises.
Paul, facing the backlash, took two big steps. First, a $2.3 million buyback program offered original NFT holders a chance to recoup their losses. Second, a lawsuit aimed at the “bad actors” allegedly derailing the project.
Sadly, the dream of a playable CryptoZoo never hatched. Regulatory hurdles proved too high, forcing Paul to cancel the game.
So, CryptoZoo’s story ends with a mix of refunds, lawsuits, and unfulfilled promises. It’s a cautionary tale in the wild west of NFTs and blockchain gaming, reminding us of both the potential and the pitfalls of this exciting, but still evolving, frontier.
How much was CryptoZoo worth?
As of October 27, 2023, CryptoZoo’s market cap is not available due to a lack of reported circulating supply. This means we can’t calculate the total value of all ZOO tokens in circulation.
At the same time, the current price of a single ZOO token is approximately $0.000000991469. This is extremely low, indicating a significant decline in value since its all-time high of $0.000532.
Logan Paul’s CryptoZoo journey has been a rollercoaster of hype, controversy, and ultimately, disappointment. However, his current actions suggest a commitment to rectify the situation, providing tangible compensation to NFT holders and taking legal steps against those he believes betrayed the project.
Whether this marks the final chapter for CryptoZoo or simply a shift in focus for Paul remains to be seen, but one thing is clear: the story is far from over. And here is what is Logan Paul’s role in the CryptoZoo scandal?
Featured image credit: CryptoZoo.