Logan Paul Commits $2.3M to Cryptozoo NFT Buy-back

By: Eva Baxter

YouTuber Logan Paul recently announced a buy-back initiative for recalculating customers who invested in the ill-fated CryptoZoo non-fungible token (NFT) game. A year after promising make amends, Paul has pledged $2.3 million for his buy-back plan, aiming to purchase Base Eggs and Base Animals assets at their original cost of 0.1 ETH.

However, the buy-back program asks investors to waive any existing or potential lawsuits they might have against Paul and his associates in relation to the CryptoZoo project. By accepting these terms, investors acknowledge that their acceptance is not 'an admission of any responsibility' on Paul's part.

It is essential to note that in cases of fraud, consumer protection laws can supersede contractual waivers 'especially in cases involving fraud, misrepresentation, or other illegal activities.' If an NFT project is found guilty of such actions, these laws can be invoked. This includes making false claims about the value, origin, or benefits of the NFTs.

In response to the controversy surrounding CryptoZoo, Paul attributes the project’s earlier collapse to malicious actors who embezzled funds, hindering its progress. It was also stated that the game will not be released due to 'too many regulatory hurdles,' which, according to Paul, he was not initially aware of and would have further delayed the buy-back process.