Logan Paul Announces Buy-Back Program and Lawsuit for CryptoZoo NFT Project
Internet personality and wrestler Logan Paul has made an announcement on Twitter detailing a buy-back program for participants of the CryptoZoo NFT project. In addition, he has filed a new lawsuit against his two co-creators. Paul plans to personally invest over $2.3 million to buy back Base Eggs and Base Animals NFTs from all participants who intended to play the CryptoZoo game that never materialized. NFT holders can submit claims online until February 8.
The CryptoZoo project gained significant hype and raised millions in 2021, thanks to extensive promotion by Paul. However, doubts about its viability arose, with YouTuber Stephen “Coffeezilla” Findeisen accusing the project of being a scam and Paul not paying his developers. In January 2023, Paul promised to refund CryptoZoo NFT buyers.
ZOO, the Ethereum-based token associated with the project, is not included in the buy-back. The buy-back is specifically intended to compensate those who participated in the CryptoZoo game, not as an investment vehicle.
Filing Crossclaim
Paul also revealed that he has filed a crossclaim against Eduardo Ibanez and Jake “CryptoKing” Greenbaum, whom he considers key developers of the CryptoZoo project. He filed a lawsuit in federal court in Texas to hold these individuals accountable for their actions related to the project. Paul stated that this lawsuit is the result of an exhaustive investigation into conversations and nefarious trading activity.
In February 2023, Paul, Ibanez, Greenbaum, and other affiliates of CryptoZoo were accused of rug-pulling NFT buyers in a class-action lawsuit. However, in his legal filing, Paul denied the fraud charges brought against him. Additionally, Paul mentioned that despite spending $400,000 of his own money on the project, the NFT game will not be released due to regulatory hurdles.
Hot Take: Logan Paul’s Efforts to Address CryptoZoo Controversy
Logan Paul has taken significant steps to address the controversy surrounding the CryptoZoo NFT project. By initiating a buy-back program and personally investing millions, he aims to compensate participants who intended to play the game. Furthermore, his decision to file a lawsuit against his co-creators demonstrates his commitment to holding them accountable for their actions.
However, some participants remain skeptical of Paul’s compensation plan and question its effectiveness. The outcome of the lawsuit and the resolution of these issues will likely impact Paul’s reputation in the crypto community and shed light on the regulatory challenges faced by NFT projects.
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