- Despite a $400K investment, CryptoZoo will not be released due to regulatory hurdles.
- Logan Paul announces a buy-back program for CryptoZoo NFTs, aiming to refund investors.
- The buy-back excludes ZOO tokens, emphasizing it is not for compensating crypto market losses.
Renowned YouTuber and influencer Logan Paul has announced a buy-back program aimed at refunding investors of the ill-fated CryptoZoo NFT game. The program comes almost a year after Paul announced CryptoZoo’s recovery plan.
According to Paul, “This buy-back is a way for me to make whole those who intended to play CryptoZoo.” However, the Ethereum-based ZOO token associated with the project is explicitly excluded from the program, with Paul stating, “The buy-back is not intended to compensate those who gambled on the crypto market and lost.”
Paul clarified that ZOO tokens were initially created to support the CryptoZoo game and its players, explicitly stating that they were “not intended as an investment vehicle,” as outlined in the project’s original whitepaper.
In an X post, Paul happily announced, “I am delivering on my promise to buy back Base Egg and Base Animal CryptoZoo NFTs for their original purchase price.” He outlined his intention to personally commit over $2.3 million to buy back CryptoZoo NFTs from every person who intended to play the game.
Announced in 2021, CryptoZoo, an unreleased play-to-earn game with digital animals represented by NFTs, faced skepticism and accusations of impropriety. In December 2022, renowned crypto detective Coffeezilla labeled the project a “scam.” By February 2023, Paul and his affiliates were accused of rug-pulling in a class-action lawsuit. Despite this, in January 2023, Paul pledged a $1.5 million recovery plan for CryptoZoo investors.
Logan Paul, the billionaire creator of the CryptoZoo game, expressed deep regret for the project’s failure and attributed its demise to internal sabotage by his co-creators Eduardo Ibanez and Jake Greenbaum. In light of this, Paul has initiated legal action against these individuals, filing a 25-page lawsuit in federal court in Texas.
Regarding the fate of CryptoZoo, Paul revealed that despite investing $400,000 in its development, the game will not be released. Regulatory hurdles, initially underestimated by Paul, are cited as the primary reason for this decision.
Source: Coinedition
