Logan Paul to Buy Back Failed CryptoZoo Tokens In A Partial Refund Effort

Logan Paul’s ambitious NFT game, CryptoZoo turned out to be a disaster. Thousands of people had invested in the project, only ending up losing their money.

A particular user, who had invested $40,000, doesn’t want to accept the refunds and wants Logan to honor his commitments about the game.

However, Logan has now come forward to buy back all the tokens players had purchased on the platform. The refunds will be initiated on the condition that the user will not file a legal suit against Logan or other members associated with the game.

He will buy back the tokens for 0.1 Ether — the price at which they were originally sold. However, since the sale, the value of Ether has dropped by 37%, meaning players will still incur a loss after the buyback.

CryptoZoo required users to buy Base Eggs and Base Animals, nurture them, and resell them for a higher value. What seemed like an easy way to make a decent passive income turned out to be a scam. The game was never played and people ended up losing thousands of dollars.

It was after that YouTube investigator Stephen Findeisen made extensive videos on how Logan duped his followers, that he offered to do something to “make things right”. A user on Stephen’s video admitted to having lost half a million dollars on the game.

Logan Blames “Bad Actors”
Logan will invest $2.3 million to buy back these NFT tokens. Logan has now pinned this whole fiasco on “bad actors” who cheated him and sabotaged the game.

In this long X post, he said that an extensive investigation was carried out, which uncovered compelling evidence of cheating and nefarious trading activity. Paul has even launched a 25-page lawsuit against these “bad actors”.

Logan also accepted the fact that he was unaware of the legal hurdles at the time of undertaking the project, i.e. before investing $400,000. He also announced that the game will not be released anymore.

I never made a single penny from the project, period. In fact, the opposite is true, because I spent hundreds of thousands of dollars trying to make it happen.Logan Paul

However, Logan also pointed out that this partial refund is for players who actually wanted to play the game and not for crypto market gamblers.

Syedur Rahman, a lawyer at Rahman Ravelli, a firm specializing in crypto frauds, says that this case is a classic example of why people should not invest in unregulated markets. He has also called for more regulations around crypto investments.