A dedicated website has been created for investors to file complaints, reflecting the famous influencer's dedication to resolving the fallout from the game's failure.
Today, I am incredibly happy to announce that I am fulfilling my promise to buy back the Base Egg and Base Animal CryptoZoo NFTs for their original purchase price. This buyback program is being carried out in https://t.co/XIQzLAGKiG. Claims can be submitted through this site… pic.twitter.com/VMPDHvdXkq
—Logan Paul (@LoganPaul) January 4, 2024
The high hopes and harsh realities of Logan Paul
The CryptoZoo game, announced by Logan in 2021, was marketed as an attractive and profitable animated nft game project. Inspired by Pokémon, it promised players the ability to hatch, breed, collect, and trade unique animal hybrids on the blockchain. Despite initial success with the sale of 11,000 NFTs, the game was never released.
Logan maintains that he had only the best intentions for CryptoZoo and claims that he did not benefit from the project. He claims to have spent $400,000 on its development, and although the game was completed in early 2023, it faced unforeseen regulatory challenges that prevented its release.
He expresses disappointment that the game has not been released and emphasizes that the $2.3 million buyback program is intended to compensate those who invested in the game, not those who speculated in the crypto market.
Sue key figures in the downfall of CryptoZoo
In a new legal development, Logan is suing Eduardo Ibáñez, the lead developer of CryptoZoo, and Jake Greenbaum, known as “crypto King,” alleging liability for the game's failure.
Legal documents reveal early warning signs of trouble, including suspicious trading activity involving $ZOO tokens shortly after the game's launch. The market capitalization of $ZOO experienced a substantial decline, falling from approximately $130 million to $26 million, reportedly as a result of this activity.
While Logan confirms that CryptoZoo will not be published, he hopes to find some solution through the legal system. His experience with CryptoZoo offers a cautionary tale and learning opportunity for enthusiasts and entrepreneurs alike in the ever-evolving digital asset landscape.
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*All financial/investment opinions expressed by nft Plazas come from the personal research and experience of our site moderators and are intended to be educational material only. People should thoroughly research any product before making any type of investment.
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