YouTuber Logan Paul has recently announced that he is offering refunds for the never-released CryptoZoo NFT game to eligible participants. The refunds are subject to Paul’s sole discretion, and former owners must relinquish all rights to sue.
CryptoZoo: The Promised Play-to-Earn Game
CryptoZoo was initially announced in 2021 as a play-to-earn (P2E) game, where players could buy, sell, breed, and trade exotic animal NFTs using cryptocurrency. However, the game never made it to release. Despite this, Logan Paul has committed to buying back the Base Egg and Base Animal CryptoZoo NFTs for their original purchase price.
“I am incredibly happy to announce that I am delivering on my promise to buy back Base Egg and Base Animal CryptoZoo NFTs for their original purchase price,” Paul said in a Twitter post.
It’s important to note that eligible NFTs do not include Hybrid animal NFTs, as stated in the terms and conditions. Logan Paul stated that he personally spent $400,000 on the project and did not make any profits from it. Nevertheless, he has committed over $2.3 million to repurchase the NFTs from anyone who intended to play CryptoZoo.
“The buy-back is not intended to compensate those who gambled on the crypto market and lost,” Paul clarified.
Paul attributes the failure of CryptoZoo to bad actors who stole money from the project. He claims that extensive investigations support this claim, leading him to file a lawsuit against the lead developers, Eduardo Ibanez and Jake Greenbaum, in federal court in the United States.
The Buy-Back Process
The buy-back process is facilitated through the website EGGNFTBUYBACK.COM. Claims can be submitted until February 8. After the submission window closes, claims will be reviewed for eligibility. Currently, 0.1 ETH is valued at $224.
Claimants are required to provide Know Your Customer (KYC) information and details about their NFTs and the associated addresses. Additionally, the claimants must not move their NFTs for any reason after submission.
Prior to submitting personal and NFT information, owners must accept the terms and conditions, which state that by doing so, they waive any actual or anticipated claims against Logan Paul and any related entities. This means that they cannot seek any monetary or equitable relief related to CryptoZoo.
Currently, the CryptoZoo (ZOO) token has experienced a significant decline, down by 99.8% from its all-time high.
Source: Logan Paul Under Fire: CryptoZoo NFT Buyers Still Waiting for Refunds Six Months Later
