It’s almost three years since popular YouTuber and wrestler Logal Paul announced his NFT-powered game, CryptoZoo, which never launched. Now, 11 months after promising investors of his project that he would refund them, Logan has rolled out a website for Cryptozoo NFT holders to claim refunds.
What’s more, the YouTuber has announced leveling a countersuit against some of the developers of his NFT game, alleging that they engaged in an illegal trading activity.
Per Paul’s Friday tweet, investors who purchased “Base Animal” and “Base Egg” CryptoZoo NFTs are allowed to claim refunds until next month on the 8th. The wrestler says he has allocated over $2.2 million toward the refund program.
The Refunds
On his X account, Paul wrote that he intends to make whole investors who wanted to play his NFT game and not those who placed bets on the cryptocurrency market and lost; in this case referring to the traders who traded the Zoo token, created to power the CryptoZoo game and reward players.
Based on the statement, it is highly unlikely that traders who hold Zoo, which is now worthless after its price depreciated to zero, will receive refunds.
Meanwhile, several “CryptoZoo victims” have expressed disappointment over the latest refund proposal on the CryptoZoo Discord server. They believe everyone who bought the Zoo token should be refunded, claiming that Paul and his team rug-pulled them.
It is worth highlighting that the website for claiming refunds doesn’t support HTTPS, a vital web security feature launched in 1994 to enable data encryption. Despite not including this key functionality in his website, Paul is still asking CryptoZoo NFT holders to submit their names, crypto wallet addresses, physical addresses, and phone numbers to be eligible for the refunds.
The Countersuit
In his X post, Paul claims that his NFT game failed to materialize because it was sabotaged by some members of his team. He reveals that he recently hired blockchain analysts who conducted “extensive investigations” on CryptoZoo’s smart contract, and the findings led him to level a countersuit against Jake Greenbaum and Eduardo Ibanez, who participated in the creation of the game.
Last February, one investor who bought ZOO filed a suit against Logan, Greenbaum, and Inbanez in an effort to have the court order the trio to compensate ZOO token holders after allegedly rug-pulling them.
Logan is now denying the allegations while reassigning blame to Greenbaum and Ibanez, accusing the duo of participating in unethical trading activity intending to defraud other members of the CryptoZoo development team, including him. The two were responsible for formulating the ZOO tokenomics.
In his legal response to the investor’s lawsuit, Paul denied all allegations, which included breach of contract, fraudulent misrepresentation, unjust enrichment, and conspiracy to commit fraud.
The Secret Sales
Meanwhile, Paul alleges that Greenbaum and Ibanez secretly built a liquidity pool for ZOO that helped the duo swap the token for BNB and cashed out the Binance coin via multiple centralized exchanges. The wrestler says the hired blockchain analysts found out that the liquidity pool was created two months after the ZOO token launched.
Logan further accused Ibanez of lying about his game development skills and making approximately $1.5 million by selling off billions of ZOO tokens through front-running ZOO announcements.
The Dead NFT Game
Paul says he is highly disappointed for not delivering the CryptoZoo game as he promised investors. He argues that several regulatory hurdles made it difficult for the game to be completed. On the other hand, CryptoZoo developer Zach Kelling recently revealed that he and other developers could not complete developing the game only because they didn’t receive full payments. That’s despite Paul claiming that he had invested $400,000 to support CryptoZoo development.
It is worth mentioning that a few months ago, an Indian developer created his own CryptoZoo version within “a few hours,” but it did not have a token to power it.
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