Logan Paul, a wrestler and internet celebrity, announced on X today about a fresh lawsuit against his two co-creators and a buy-back scheme for participants in the CryptoZoo NFT project.
The influencer said in his post that he would personally contribute more than $2.3 million to the purchase of Base Eggs and Base Animals NFTs from “everyone who intended to play” the abandoned CryptoZoo game. NFT holders have until February 8 to make claims online, he said With intentions to release a game based on NFTs of animals, CryptoZoo made its debut in 2021. Paul’s podcasts and intensive YouTube promotion helped the project garner attention and generate millions of dollars.
But questions about the project’s feasibility arose. With over 3 million subscribers on the network, YouTuber Stephen “Coffeezilla” Findeisen has accused Paul of not paying his coders and called the idea a hoax. Paul stated in January 2023 that he would reimburse customers who purchased CryptoZoo NFT.
The project’s Ethereum-based token, ZOO, does not seem to be included in the buyback. Paul stated, “Those who gambled on the cryptocurrency market and lost are not to be compensated by the buy-back.” It’s crucial to keep in mind that, as stated in the initial WhitePaper, the Zoo Token was “not intended as an investment vehicle” and was instead developed to fund the CryptoZoo game and its participants.
In order to qualify for the buy-back, claimants had to consent to forfeit any actual or projected claims against Paul, as indicated by the terms and conditions on the online form.
On the Discord channel “CryptoZoo Victims,” some buyers of CryptoZoo NFTs are skeptical about Paul’s reimbursement scheme. “I failed to provide my information to support the [lawsuit]. One Discord channel user stated, “I’d rather get my money back. I’m not as invested as some of you guys are.
submitting a cross-claim
In his X post, Paul also stated that he has filed a crossclaim against Eduardo Ibanez and Jake “CryptoKing” Greenbaum, alleging that they are two of the project’s main creators.
Paul stated in the post, “To hold these bad actors accountable, I have filed a lawsuit in federal court in Texas.” “This lawsuit is the outcome of a thorough investigation that involved monitoring illicit trading activity associated with the project and reviewing all of the conversations that were had.”
In a class-action complaint filed in February 2023, Logan Paul, Ibanez, Greenbaum, and other CryptoZoo associates were charged with rug-pulling NFT customers. He refuted the allegations of fraud against him in the court document dated January 4th, which Paul included in his X post.
The influencer, who invested $400,000 of his own funds in the project, stated that the NFT game in question will not be launched, citing “too many regulatory hurdles.”