Logan Paul says he’s committing more than $2.3 million to right the wrongs of his failed CryptoZoo … and he’s also filing a lawsuit against the folks he claims derailed his game.
Logan’s delivering on his promise to buy back Base Egg and Base Animal non-fungible tokens from CryptoZoo for their original purchase price … via a website where investors can submit claims.
Remember … Logan announced the CryptoZoo game back in 2021, billing the animated NFT project as “a really fun game that makes you money.” The game reportedly drew inspiration from Pokémon and folks who paid .1 Ethereum were told they could hatch, breed, collect and trade exotic animal hybrids on the blockchain. The first wave of 11,000 NFTs quickly sold out but CryptoZoo was never released.
Logan says he had “only the best possible intentions” for CryptoZoo and “never made a single penny from the project.” He says he spent $400K developing the game and says it was completed in early 2023 but wasn’t released due to “regulatory hurdles that would need to be cleared that I did not originally understand.”
LP adds … “Like you, I was highly disappointed the game was not delivered.”
Logan says his $2.3 million buyback program “is a way for me to make whole those who intended to play CryptoZoo. The buyback is not intended to compensate those who gambled on the crypto market and lost.”
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In addition to the NFT buyback, Logan is also taking legal action … claiming in a new lawsuit that CryptoZoo lead developer Eduardo Ibanez and “Crypto King” Jake Greenbaum are to blame for the game’s failure and not him.
In the docs — obtained by TMZ — one of the first red flags in the project happened just after launch day, with suspicious trading activity happening … where it appeared dozens of project outsiders somehow got info of the existence of the new market for ZOO Tokens.
The lawsuit claims the sketchy trading activity caused the market capitalization of ZOO Tokens to drop from about $130 million to $26 million.
As for CryptoZoo, Logan says the game will not be released … but there still might be a chance for him to get some justice in court.
