Logan Paul to Refund CryptoZoo NFT Investors – But There’s a Catch

In January of 2023, YouTuber CoffeeZilla published a three-part series on Logan Paul’s CryptoZoo task.

To take part in the approaching video game of the very same name, consumers needed to buy egg NFTs, which would then hatch, permitting the buyer to have fun with and reproduce the animal.

Reports of a Rugpull

The social media accounts associated with the platform had actually gone dark, and Logan Paul presumably prevented talking about the job. After CoffeeZilla’s videos on the topic, Paul revealed his strategies to take legal action against the YouTuber– and was, in turn, met a class-action claim submitted by buyers of both CryptoZoo NFTs and purchasers of the associated cryptocurrency $ZOO.

A number of other stars who had actually likewise been associated with the promo of the job were likewise pointed out in the procedures.

“The Defendants promoted CryptoZoo’s items utilizing Mr. Paul’s online platforms to customers not familiar with digital currency items, resulting in 10s of countless individuals buying stated items. Unbeknownst to the consumers, the video game did not work or never ever existed, and the Defendants controlled the digital currency market for Zoo Tokens to their benefit. Due to these unconscionable practices, Defendants need to disgorge any profits, revenues, or any other gains from their plan.”

Updates on both lawsuit have actually been limited– up till today, when Logan Paul revealed that he would be reimbursing those who purchased his NFTs as long as they waived their right to sue him.

NFT Holders to Be Refunded, $ZOO Holders Left Out

On the 4th of January, Logan Paul revealed on X that he had actually reserved $2.3 million in order to refund those who purchased into his job.

The refund of 0.1 ETH/NFT– which is the cost these NFTs were initially offered for on launch– might just be offered to holders who had actually not utilized theirs to produce hybrid animals. Simply put, if you attempted to reconcile the scenario and take pleasure in the bare-bones and presumably non-functional video game, hard luck. Holders of the $ZOO token would likewise get no settlement.

Paul restated that he had actually not made “a single cent” off of the job and berated 2 members of his group, Ibanez and Greenbaum, for trying to rugpull it. He has actually considering that taken legal action versus the set by ways of a cross-claim suit

When it comes to the CryptoZoo video game itself, Paul has actually now validated what was initially recommended by CoffeeZilla a year earlier– the video game is dead and will never ever be totally launched. According to him, this is because of “regulative difficulties,” although it’s rather most likely that other elements likewise postponed– and ultimately eliminated– the task.