In January 2023, YouTuber CoffeeZilla published a three-part series about Logan Paul's CryptoZoo project.
To participate in the upcoming game of the same name, customers had to purchase nft eggs, which would then hatch, allowing the buyer to play with and raise the animal.
Rumors of a Rugpull
However, social media accounts associated with the platform had gone dark and Logan Paul reportedly avoided speaking about the project. Following CoffeeZilla's videos on the topic, Paul announced his plans to sue the YouTuber and in turn was met with a class action lawsuit filed by buyers of the CryptoZoo nft and buyers of the related cryptocurrency $ZOO.
Other celebrities who had also participated in promoting the project were also mentioned in the process.
“Defendants promoted CryptoZoo products using Mr. Paul's online platforms to consumers who were unfamiliar with digital currency products, leading to tens of thousands of people purchasing such products. Unbeknownst to customers, the game did not work or never existed, and the defendants manipulated the digital currency market for Zoo Tokens to their benefit. Because of these unconscionable practices, defendants must disgorge any income, profits, or other gains from their plan.”
Updates on both court cases have been scarce, until today, when Logan Paul announced that he would refund those who purchased his NFTs as long as theynft-buy-back-class-action-lawsuit/?guccounter=1″ data-wpel-link=”external” target=”_blank”> resigned your right to sue him.
nft holders will be refunded, $ZOO holders will be left out
On January 4, Logan Paul announced on X that he had set aside $2.3 million for refund those who bought your project.
However, the 0.1 eth/nft rebate (which is the price these NFTs were originally sold at launch) could only be given to holders who had not used theirs to create hybrid animals. In other words, if you tried to make the most of the situation and enjoy the basic and supposedly non-functional game, tough luck. Holders of the $ZOO token would also not receive compensation.
Paul reiterated that he had not made “a single cent” from the project and lashed out at two members of his team, Ibanez and Greenbaum, for trying to ruin it. He has since taken legal action against the couple through a cross-lawsuit. lawsuit.
As for the CryptoZoo game itself, Paul has confirmed what CoffeeZilla originally suggested a year ago: the game is dead and will never be fully released. According to him, this is due to “regulatory obstacles,” although it is very likely that other factors also delayed (and eventually killed) the project.
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