Logan Paul recently announced that he has launched a website to refund investors.
In 2021, Logan Paul hyped up his cryptocurrency project, CryptoZoo, promising investors a chance to win digital eggs that could hatch into valuable NFTs.
However, the project quickly went south, accused of being a “pump-and-dump” scheme. Investors lost millions, and Logan Paul faced a wave of backlash.
But Logan promised that he would give the money back as soon as possible and in a recent X/Twitter post he confirmed that he has launched a website.
Where fans can submit a form to receive a refund for their Base Egg and Base Animal CryptoZoo NFTs for their “original purchase price.” These forms can be submitted through February 8 it stated.
The website is now live to check
Logan Paul also stated “I approached the CryptoZoo project like everything else I am passionate about – with only the best possible intentions and success for everyone who shared our vision.
I never made a single penny from the project, period. The opposite is true because I spent hundreds of thousands of dollars trying to make it happen.
With this buy-back program, I am personally committing more than $2.3 million to buy back Base Eggs and Base Animals from every person who intends to play CryptoZoo. Like you, I was highly disappointed that the game was not delivered.”
Paul described the NFT project as a “really fun game that makes you money” when he announced it during an August 2021 episode of his podcast, “Impaulsive.”
CryptoZoo was marketed as a collecting game using Ethereum — each NFT was an egg that was supposed to hatch into an animal that was assigned one of five levels of rarity.
Those animals could be bred to produce hybrid animals, which also varied in rarity. Every time an egg hatched, it was supposed to yield a certain amount of $ZOO tokens, which were determined by the animal’s rarity.
Players were supposed to be able to either buy more eggs or cash out each time an animal hatched.
Paul also promised that CryptoZoo would include interactive minigames and that the project would eventually “enter the metaverse.”
A three-part investigation by independent YouTube reporter Coffeezilla documented how the project unraveled; the game was never finished because developers quit due to nonpayment, Paul and his associates allegedly planned to engage in market manipulation and players couldn’t breed their hatched eggs or cash out.
Coffeezilla reported that two anonymous accounts received payouts from the project — one received $364,000 (92.7697 ETH) and the other received $1 million (260.000 ETH). At the time of Coffeezilla’s reporting, CryptoZoo held approximately $79,875,629, or 1,214,225,001.8 $ZOO for “wildlife charities and CryptoZoo development.
In now-deleted response videos, Paul accused another CryptoZoo developer of scamming him and the rest of the team, but later told fans on Discord that he would be “taking accountability.” He then outlined a plan to pay back investors and finish the game.
The class action lawsuit filed last year in the Western District of Texas alleges that Paul and other CryptoZoo associates promoted the project to “consumers unfamiliar with digital currency products,” and that they “manipulated the digital currency market for Zoo Tokens to their advantage.”
The scam was first caught by Famous Scam scam-catching expert and Youtuber Coffeezilla when he posted a video about Logan Paul’s CryptoZoo and that video blew up drawing attention.
After going back and forth with Coffeezilla, Logan Paul announced that he would make things right and give the money back to the investors.
After 2 years Logan Paul has finally made the initiative to give the investors what they have lost with his CryptoZoo project.