CryptoZoo Begins $2.3M Buyback: Logan Paul Sues Co-Founders

The announcement of CryptoZoo's official discontinuation and the initiation of a $2.3 million buyback program led by Logan Paul has brought attention to the project's controversial end. Despite promises to the CryptoZoo community on Discord and an investigation by blockchain detective Coffeezilla, the blockchain game, which was supposed to feature non-fungible tokens (NFTs) and various gameplay experiences, was never released.

Logan Paul, in a tweet, revealed his contribution of $2.3 million to the buyback initiative, focusing on Base Eggs and Base Animals NFTs. Expressing disappointment in the game's failure, Paul has initiated legal action against two co-founders.

To receive a refund, CryptoZoo investors must fill out an application on the official website. The application process involves providing the unique reference number of the purchased NFT, agreeing to terms and conditions, and completing a know-your-customer (KYC) procedure.

Once approved, eligible holders will receive 0.10 ETH (approximately $225 at the time of writing). The application form is open until February 8, 2024. Egg NFT holders are advised not to move their NFTs out of the wallet until they receive their refund.

Logan Paul specified that certain NFTs are excluded from the buyback program, including hybrid NFTs that combine different animals to create unconventional pairs. These hybrids were intended to unlock in-game abilities and privileges that regular NFTs couldn't achieve.

The situation highlights the risks and uncertainties associated with blockchain projects, especially in the emerging and evolving space of NFTs and blockchain gaming. The legal action taken by Logan Paul against co-founders adds another layer of complexity to the aftermath of CryptoZoo's discontinuation.

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