Logan Paul Commits $2.3M to Buy Back CryptoZoo NFTs; Top Investor Threatens Lawsuit
YouTuber and influencer Logan Paul pledged $2.3 million this week to repurchase CryptoZoo non-fungible tokens (NFTs) from disappointed collectors. As revealed in a tweet recently, the move comes after the metaverse game concept collapsed.
Logan simultaneously filed a lawsuit targeting alleged insiders who sabotaged the project for personal benefits. The response remains mixed, with some praising accountability efforts and others deeming them inadequate given the steep losses.
Key Details:
- Paul personally financed the buyback of Base Eggs and Animals at their original sale prices.
- Comes after confirming CryptoZoo game was halted over legal hurdles.
- Logan’s Lawsuit targets bad actors who stole and betrayed the project.
Read more: Arthur Hayes Cautions Against Buying Bitcoin Until March: Here’s Why
The downfall of CryptoZoo resulted in both financial and reputational setbacks. Logan, who was prominently associated with the project, claimed that the collapse was a result of betrayal by greedy insiders rather than personal negligence.
In his public apology, he seeks to rectify the situation by making efforts to compensate buyers. Logan concluded that these factors forced the game to halt despite the $400,000 he invested in development.
Top CryptoZoo investor threatens legal action against Logan
In response to Logan’s announcement, Alan Wehbi aka doitbigchicago, a significant CryptoZoo investor, expressed discontent through a tweet. Wehbi claimed that he was blocked by Logan despite being the number one CryptoZoo holder.
Read more: North Korean Hackers Looted Over $600,000,000 In Crypto In 2023: Report
Wehbi also accused the CryptoZoo team of fraudulent activities, including a significant financial loss due to a rug pull. He also threatened legal action if he was not compensated for his losses within seven days.
Logan is among several public figures facing scrutiny for endorsing NFTs and cryptocurrencies. Celebrities such as Cristiano Ronaldo and Kim Kardashian have faced legal challenges in the past for promoting various NFT and cryptocurrency projects.
