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CryptoZoo Investors Offered Refunds a Year After Promised by Logan Paul

YouTuber Logan Paul is offering refunds for the unreleased CryptoZoo NFT game, but with a catch – eligibility for a refund is subject to Paul’s “sole discretion.” Additionally, former owners are required to relinquish all rights to sue.

Initially announced in 2021, CryptoZoo was envisioned as a play-to-earn (P2E) game, allowing players to engage in buying, selling, breeding, and trading exotic animal NFTs using cryptocurrency.

Logan Paul announced on Twitter, “I am incredibly happy to announce that I am delivering on my promise to buy back Base Egg and Base Animal CryptoZoo NFTs for their original purchase price.”

It’s important to note that eligible NFTs for the buy-back do not include Hybrid animal NFTs. However, according to the terms and conditions, “Any NFTs submitted for the Buy-Back that PAUL in his sole discretion deems ineligible pursuant to this provision will not be returned.”

Logan Paul announced that the CryptoZoo game will not be released, revealing that he personally invested $400,000 in the project and did not earn any profit from it. In an effort to address the situation, Paul has committed over $2.3 million to repurchase the NFTs from individuals who intended to participate in CryptoZoo.

He emphasized that the buy-back initiative is not aimed at compensating those who engaged in speculative activities in the crypto market and suffered losses.

According to Paul, CryptoZoo fell victim to malicious actors who stole funds from the project. He asserts that an extensive investigation has validated these claims. In response to the alleged wrongdoing, Paul has filed a lawsuit in a federal court in the United States against CryptoZoo’s lead developers, Eduardo Ibanez and Jake Greenbaum.

0.1 ETH per NFT

The buy-back process for CryptoZoo NFTs is taking place at EGGNFTBUYBACK.COM, and claims can be submitted until February 8.

The website mentions that submissions will be evaluated for eligibility after the close of the submission window. It outlines the process, stating, “Shortly after the close of the submission window, 0.1 ETH per eligible NFT will be sent to each wallet address from which an eligible NFT was submitted […] and at that time you will no longer own or have any possessory interest in the NFT that was returned.”

As of now, 0.1 ETH is valued at approximately $224.

Claimants seeking refunds for CryptoZoo NFTs are required to submit Know Your Customer (KYC) information through the provided form. Additionally, they need to furnish details about their NFTs and the addresses where these assets are held.

Upon receiving an email notification, claimants will have a 30-day window to submit their eligible NFTs to the designated deposit addresses. During this period, it is emphasized on the website that claimants must not move their NFTs for any reason.

These measures suggest a structured and secure process for managing the refund claims, aiming to ensure transparency and prevent unauthorized movements of the NFTs during the buy-back initiative.

Can’t Sue Logan Paul

Before providing personal and NFT information, owners seeking a refund are required to accept the terms and conditions. By accepting these terms, they explicitly “acknowledge and agree that [they] are waiving any actual or anticipated claims against” Logan Paul and any affiliated individuals, groups, or services.

This essentially means that claimants are forfeiting their right to seek any monetary or equitable relief related to CryptoZoo. The terms specify, “You further acknowledge that the Buy-Back does not constitute an admission by PAUL of your legal entitlement to any amount, nor does it constitute an admission of any responsibility in connection with any actual or anticipated claims relating to CryptoZoo.”

Meanwhile, the CryptoZoo (ZOO) token has experienced a substantial decline, down 99.8% from its all-time high.

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