Logan Paul Commits $2.3M to Buy Back CryptoZoo NFTs after Crash

Logan Paul Commits $2.3M to Buy Back CryptoZoo NFTs after Crash

| Updated
by Chimamanda U. Martha · 3 min read
Logan Paul Commits $2.3M to Buy Back CryptoZoo NFTs after Crash
Photo: Wikimedia Commons

CryptoZoo was a blockchain play-to-earn game project that officially debuted in 2021. The platform allowed users to buy, sell, breed, and trade “exotic animals” in the form of NFTs with cryptocurrencies. 

Logan Paul, a social media influencer and YouTuber, is finally making things right for investors who lost money on his non-fungible token (NFT) play-to-earn project dubbed CryptoZoo in late 2021.

Paul posted on X, formerly Twitter, that he is delivering on his promise to buy back Base Egg and Base Animal CryptoZoo NFTs for their original price. In January 2023, the internet influencer and wrestler pledged to repay gamers “who intended to play” the CryptoZoo game before its untimely death. Now, he has committed $2.3 million towards the recourse.

Users Have Until February 8 to Submit Claims

According to the post on X, affected users can submit claims on the CryptoZoo buyback website until February 8, 2023. However, to receive the funds, claimants “must agree to waive any actual or anticipated claims against Paul”.

CryptoZoo was a blockchain play-to-earn game project that officially debuted in 2021. The platform allowed users to buy, sell, breed, and trade “exotic animals” in the form of NFTs with cryptocurrencies.

Paul unveiled the project in August 2021 with extensive promotions on social media platforms such as YouTube and Podcasts to attract users. Shortly after, CryptoZoo gained recognition among players who would buy “Base Eggs”, to be hatched into “Base Animals” that could also breed and yield daily ZOO tokens.

Due to its hype and popularity within the crypto community, the project raised millions of dollars from investors. But trouble started in paradise when a YouTuber, Stephen “Coffeezilla” Findeisen, raised the alarm, accusing the project of being a scam.

Findeisen also told his more than three million subscribers on YouTube that Paul failed to pay those he hired to develop CryptoZoo. The revelation ultimately resulted in the downfall of the project, leaving users who purchased the NFTs heartbroken.

In February last year, the investors gathered together to file a class action lawsuit against Paul, Ibanez, Greenbaum, and other affiliates of CryptoZoo for rug-pulling the project. Paul has asked the investors to drop all the charges against him in the suit before joining the buyback program.

Paul Files Lawsuit against His CryptoZoo Co-founders

Contrary to Findeisen’s allegation that Paul did not pay his developers, the social media influencer clarified that he spent $400,000 to build CryptoZoo.

He also explained that the project was “sabotaged by bad actors” who stole money from the platform and also betrayed the team.

The social media influencer said he discovered this through an extensive investigation that involved “forensic analysis of blockchain activity and the review of thousands of communications”.

In light of these findings, Paul has filed a lawsuit in the United States District Court for the Western District of Texas against his co-founders Eduardo Ibanez and Jake “CryptoKing” Greenbaum.

“With this evidence in mind today, I have filed a lawsuit in federal court in Texas to hold these bad actors accountable,” Paul said.

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