Partial Refund Effort: YouTube Star Logan Paul To Buy Back Failed CryptoZoo Tokens

The YouTube star announced the game CryptoZoo in 2021, but it never materialized, despite fans spending millions on game tokens.

Partial Refund Effort: YouTube Star Logan Paul To Buy Back Failed CryptoZoo Tokens

Logan Paul has started purchasing NFTs from fans who lost money in his unsuccessful cryptocurrency game.

Despite followers investing millions in in-game tokens, the YouTube star launched the game CryptoZoo in 2021, but it never materialized.

Paul, 28, has since stated that he will purchase back the tokens if fans who accept do not sue him.

It is doubtful that fans would receive a full refund.

CryptoZoo was intended to be a game where participants used cryptocurrencies to buy, sell, and breed virtual animals.

Paul had urged people to acquire Bitcoin collectibles for what he described as a "really fun game that makes you money."

However, after selling millions of dollars in NFTs and cryptocurrencies, he stopped talking about CryptoZoo and appears to have abandoned the enterprise.

Paul apologized when another YouTuber, Coffeezilla, launched a series of videos detailing his inquiry into the project in December 2022, claiming he wanted to "make this right."

A year later, he announced the commencement of the buy-back procedure, which he claims would cost him $2.3 million (£1.8 million).

He will repay players 0.1 Ether (a cryptocurrency) for each NFT purchased.

The NFTs were initially offered for 0.1 Ether in September 2021.

However, its monetary value has decreased by 37% since the debut of CryptoZoo NFTs, implying that enthusiasts will continue to lose money.

"This buy-back is a way for me to make whole those who intended to play CryptoZoo," Paul stated in a post on X, previously Twitter. The buy-back is not designed to reimburse anyone who lost money in the cryptocurrency market."

He went on to say that it was "not intended as an investment vehicle."

People have until February 8, 2024, to receive the reimbursement, and they must do so on the condition that they make no legal claims against Paul or anybody else associated with CryptoZoo.