Logan Paul’s $2.3M ‘CryptoZoo’ NFT Buyback Amid Legal Woes

Share This Post

The renowned American YouTuber Logan Paul best known for his popular IMPAULSIVE podcast — is proactively tackling the aftermath of his “CryptoZoo” NFT project, which didn’t take off as planned.

A specific website has been set up for investors to submit their claims, reflecting the famous influencer’s dedication to resolving the fallout from the game’s failure.

Logan Paul’s High Hopes and Harsh Realities

The CryptoZoo game, announced by Logan in 2021, was marketed as an engaging and profitable animated NFT gaming project. Drawing inspiration from Pokémon, it promised players the ability to hatch, breed, collect, and trade unique animal hybrids on the blockchain. Despite the initial success with the sale of 11,000 NFTs, the game never launched.

Logan maintains that he had only the best intentions for CryptoZoo and asserts that he did not profit 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 his disappointment over the game’s non-release 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.

Suing Key Figures in CryptoZoo’s Downfall

In a new legal development, Logan is suing Eduardo Ibanez, the lead developer of CryptoZoo, and Jake Greenbaum, known as “Crypto King”, alleging their responsibility 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, plummeting from approximately $130 million to $26 million, reportedly as a result of this activity.

While Logan confirms that CryptoZoo will not be released, he hopes to find some resolution through the legal system. His experience with CryptoZoo offers a cautionary tale and learning opportunity for both enthusiasts and entrepreneurs in the ever-evolving digital asset landscape.

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.



Source
Logan Paul’s $2.3M ‘CryptoZoo’ NFT Buyback Amid Legal Woes is written by Leah for nftplazas.com

Related Posts

Fantom: Revolutionizing Blockchain Technology

Fantom, often abbreviated as FTM, is a decentralized blockchain...

Bitcoin halving shows new users that ‘code is ultimately the law’ in crypto

As the Bitcoin (BTC) halving marked another major milestone...

Yuga Labs Burns 14% of HV-MTL Supply After Faraway Acquisition

Recently, Yuga Labs, the creator of the popular Bored...

Spotting Cryptocurrency Scams: Red Flags and Warning Signs

With the rise of cryptocurrencies, the number of scams...

Web3 Watch: Someone at Adidas likes crypto culture

As NFTs boomed and Meta went all-in on the...

Splinterlands Releases Promo Cards for Bitcoin Halving Event

Splinterland’s New Reward System and Glint StoreIn addition to...
ethereum
Ethereum (ETH) $ 3,221.39
bitcoin
Bitcoin (BTC) $ 66,560.83
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 0.553105
binance-usd
BUSD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.503904
dogecoin
Dogecoin (DOGE) $ 0.161273
litecoin
Litecoin (LTC) $ 84.94
solana
Solana (SOL) $ 158.16