Logan Paul, the popular social media influencer, is making headlines once again as he takes action to address the issues surrounding his failed CryptoZoo project. He has pledged to buy back Base Egg and Base Animal non-fungible tokens (NFTs) from CryptoZoo for their original purchase price, amounting to over $2.3 million. Additionally, he has filed a lawsuit against individuals whom he alleges are responsible for the game’s failure.
Key Takeaway
Logan Paul is taking proactive steps to address the fallout from the failed CryptoZoo project by initiating a buyback program for NFTs and pursuing legal action against individuals involved in the game’s alleged derailment.
Logan’s Commitment to Rectify the Situation
Logan Paul had introduced the CryptoZoo game in 2021, touting it as an exciting opportunity for users to engage with animated NFTs and potentially earn profits. The concept revolved around the idea of hatching, breeding, collecting, and trading exotic animal hybrids on the blockchain, drawing inspiration from popular franchises like Pokémon. Despite the initial enthusiasm and rapid sell-out of the first wave of NFTs, the game never came to fruition, leaving investors disappointed.
Expressing his genuine intentions for CryptoZoo, Logan emphasized that he had not profited from the project and had invested $400,000 in its development. He cited unforeseen regulatory obstacles that ultimately prevented the game’s release, leading to widespread disappointment among supporters.
Legal Action and Allegations
In conjunction with the buyback initiative, Logan Paul has initiated legal proceedings, targeting Eduardo Ibanez and Jake Greenbaum, whom he holds responsible for the game’s demise. The lawsuit alleges suspicious trading activity following the project’s launch, resulting in a significant decline in the market capitalization of ZOO Tokens, from approximately $130 million to $26 million. As a result, Logan has made it clear that CryptoZoo will not be released, but he remains committed to seeking justice through the legal system.
