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Logan Paul-backed NFT project CryptoZoo has disclosed intentions to start refunding collectors
The project has launched a web platform where collectors can file their refund claims
Logan Paul said those who purchased the project’s token aren’t eligible for a refund
Youtuber and wrestler Logan Paul has disclosed that he will refund collectors who purchased collectibles in his CryptoZoo NFT project that failed to fulfill its promises. Paul has provided a web platform for users to lodge their claims before February 8, with Paul revealing that he has allocated $2.3 million for the process. The exercise will however not cover entities that invested in the project’s token, ZOO, which has since plummeted to almost zero, an indication that some investors will still lose money.
Refund Valued at Original Purchase Price
According to Paul, the refund option is open to those who bought the project’s “Base Egg” and “Base Animal” collectibles, adding that collectors will get back the NFTs’ “original purchase price.” For Paul, the buy-back move is meant “to make whole” those who were excited about playing the CryptoZoo NFT game that never was.
Today, 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. This buy-back program is being carried out at https://t.co/XIQzLAGKiG. Claims can be submitted through this site… pic.twitter.com/VMPDHvdXkq
— Logan Paul (@LoganPaul) January 4, 2024
The crypto community has however criticized Paul’s refund website saying that it lacks basic web security features such as site encryption. They’ve also lamented that the web platform is a basic form that requires one to fill out their personal data and cryptocurrency wallet addresses.
In a lengthy X (formerly Twitter) post, Paul noted that the NFT game plans didn’t go as expected after bad actors siphoned funds from the platform, causing some early investors to consider the project a scam.
Paul Accused of Short-changing Investors
Paul has even sued some entities he believes were part of the project’s collapse, although there’s another court case accusing Paul and his entire company of short-changing investors.
Although Paul has indicated a possibility to refund early NFT collectors, the actual refund may be delayed by the court case, or a pushback from the community.
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