The renowned YouTube sensation and entrepreneur Logan Paul has announced that he is going to invest over $2.3 million in CryptoZoo scam victims. Also, Paul is filing a lawsuit against those behind the scam.
Logan Paul buys back NFTs
In a recent tweet, Logan Paul announced that he would buy back Base Egg and Base Animal CryptoZoo NFTs. Moreover, he had earlier promised the same and is now keeping his promise. He will buy these NFTs for their original purchase price.
Furthermore, he shared the link for the program where the buyback will take place. He has set up an official website where investors can submit their claims to recover their losses. Not to mention, the investors can submit their claims until February 8.
Originally, the creators announced CryptoZoo in 2021 to provide a play-to-earn game. The game took inspiration from Pokemon with the idea of hatching, breeding, collecting, and trading animals on the blockchain network. Also, the company sold 11,000 NFTs in the first round. However, the game never launched.
In addition, Paul expressed his disappointment and said he had “only the best possible intentions” for the project. He also expressed his misunderstanding about the challenges related to the project and shared the reasons for the non-release. Therefore, he has taken the initiative to provide refunds. But these claims are not for those who gambled in the market and suffered losses.
Legal Proceeding for CryptoZoo creators
In addition to the refund initiative, Paul is also filing a lawsuit. The case is against CryptoZoo lead developer Eduardo Ibanez and “Crypto King” Jake Greenbaum. As per the legal document that TMZ got, there were suspicious trading activities just after the launch of the project.
Additionally, as per speculations, the outsiders who got early information about the ZOO tokens started these suspicious tradings. What’s more, there was a drop in the ZOO token market from $130 million to $26 million due to these activities.
Now, Paul is aiming to hold them responsible for the project’s failure with the help of law and court. Although they were never able to release the game, there were jokes surrounding CryptoZoo that went viral. The jokes were about DegenZoo, which is now seen as an alternative to CryptoZoo.