- CryptoZoo was launched in September 2021 as an NFT breeding game
- Investors are owed a total of 1000 ether, equivalent to almost $2 million
Investors in CryptoZoo, an NFT gaming project promoted by celebrity Logan Paul that went south, have been waiting for refunds for more than six months, Cointelegraph reported, citing a YouTube video posted on June 30 by online sleuth Coffezilla.
They are owed $2M
The refund of 1000 ether corresponds to almost $2 million at current market prices. Paul had promised it back in January. Coffezilla asserts that Paul has stopped communicating with his former clients. The internet detective reached out to him four times. On the fourth attempt, a criminal defense lawyer responded on Paul’s behalf by email:
We represent Logan Paul. Mr. Paul has informed us of your outreach about the status of the CryptoZoo egg buyback. Mr. Paul remains committed to this process. We are working with Mr. Paul to evaluate the best way to achieve this goal.
No timeline or plan for the refunds
Paul launched CryptoZoo in September 2021 as an NFT breeding game that provided opportunities to earn NFTs and ZOO tokens. In about a year, investors had become disappointed. The artwork was reportedly limited to stock photography, and ZOO token and NFT prices had plummeted. What’s more, the project failed to deliver on the roadmap.
Community backlash
After strong community backlash, Paul announced a refund plan in January, promising to deliver. However, he and CryptoZoo found themselves facing a class action lawsuit in February. Correspondence between the sleuth and Paul’s lawyer, Jeffrey Neiman, indicates they have yet to make a concrete plan.
There was “more of a plan” in January than now
Back in January, Paul wrote:
I have committed more than $1.8 million for those who don’t want to wait for CryptoZoo to be completed. Players will be able to burn their Base Eggs and Base Animals for the mint price. As for those who purchased ZOO, remember ZOO was created to support CryptoZoo and is not an investment vehicle.
Coffezilla drew attention to how simple the whole process could be: pay blockchain developers to write the refund process code. According to the YouTube video, Paul’s drinks company made him $45 million in January 2023 alone.
