YouTuber and social media influencer Logan Paul has announced a refund program for certain disappointed investors in his CryptoZoo nonfungible token (NFT) game, a year after promising recourse to NFT buyers. Paul will personally commit $2.3 million to fund the “buy back” program, repurchasing Base Eggs and Base Animals at their original purchase price for players who intended to participate in CryptoZoo.
CryptoZoo, a play-to-earn game where players could buy, sell, breed, and trade exotic animals represented as NFTs, was never released despite being announced by Paul in August 2021. Over 3,009 Ether (ETH), valued at around $6.7 million, has been traded on OpenSea for Base Eggs.
In a January 4 post on X (formerly Twitter), Paul expressed disappointment about the game not being delivered and informed his 6.8 million followers about the buy-back program. Eligible participants can submit claims until February 8, receiving 0.1 ETH (currently worth $224) for each eligible NFT they submit. The terms specify that hybrid animal NFTs and CryptoZoo (ZOO) token holders are not eligible for the buy-back. ZOO tokens are currently 99.99% off their all-time high price, according to CoinGecko.
Participants in the buy-back program must also waive any current or future claims against Paul and related personnel, as outlined in the terms. Additionally, Paul revealed that he filed a cross-claim lawsuit against CryptoZoo lead developers Eduardo Ibanez and Jake Greenbaum in a Texas federal court. The lawsuit, initially brought by a participant in February 2023, alleged a “fraudulent venture” and a “rug pull” involving Paul, Ibanez, Greenbaum, and two other team members.
Paul shifted blame to Ibanez and Greenbaum, stating that CryptoZoo was derailed by bad actors engaged in nefarious trading activity. He emphasized that he never made any money from the project. The buy-back program follows Paul’s announcement of CryptoZoo’s recovery plan nearly 12 months ago, and he confirmed that the game won’t be released due to financial constraints and regulatory hurdles.
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