Logan Paul faces backlash after declaring $2.3m refund for CryptoZoo NFTs

5 January 2024

in NFT

Reading Time: 3 mins read

Tom Kherkher, a YouTuber and owner of the Attorney Tom and Associates law firm, says Logan Paul’s announcement to buy back CryptoZoo NFTs is filled with a ‘bunch of inaccuracies.’

In an X post on Jan. 4, Logan Paul announced a plan to “personally” commit more than $2.3 million to buy back non-fungible tokens (NFTs) purchased through CryptoZoo, a play-to-earn crypto game centered around NFTs, which did not live up to the expectations set during its promotion and faced mixed response after the release.

SEC became a defendant in the NFT classification lawsuit

30 July 2024

DraftKings Dumps NFT Business, Citing Legal Developments

30 July 2024

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

In the latest refund announcement, Paul said claims for the buy-back can be submitted via a special website until Feb. 8. However, it is unlikely that early supporters will be made whole, as the website states that claimants will get as much as 0.1 ETH per eligible NFT from which an eligible NFT was submitted.

[crypto-donation-box]

In addition to that, Paul emphasized that the buyback is “not intended to compensate those who gambled on the crypto market and lost,” implying that buyers of the ZOO tokens — an in-game currency that could be used to buy NFTs — are unlikely to be compensated at all. Moreover, claimants would also have to agree to waive any “actual or anticipated claims against Paul,” which means promising not to take legal action against him regarding CryptoZoo.

Tom Kherkher, a YouTuber and owner of the Attorney Tom and Associates law firm, criticized Paul’s latest refund initiative, saying in an X post that the influencer’s buyback is a “sneaky trick.”

“It’s [Paul’s statement] is filled with a bunch of inaccuracies, misstatements, and quite frankly just a PR spin.”

Tom Kherkher

So @LoganPaul announced today that he’s refunding Cryptozoo. So I click the link and see this guy blocked me??? I was the #1 zoo holder and never said shit about this guy but today’s the day…

Cryptozoo:
#1- $ZOO was rugged by Guru for 7 figures.
#2- the team stole money too… pic.twitter.com/PPqF6ys937

— doitbigchicago (@doitbigchicago) January 4, 2024

Alan Wehbi (also known as @doitbigchicago on Twitter) who claims to be the largest ZOO holder appears to be dissatisfied with Paul’s buyback after finding out he was blocked by the influencer on the social network.

“I sent the text but if I’m not made whole in 7 days for $ZOO and Egg losses I’m adding you to the list of legal action for 2024.”

@doitbigchicago

However, Wehbi did not specify how much he had invested in the ZOO tokens.

This is not the first time Paul has promised to compensate those who lost money in the crypto game, which, according to the influencer, was “derailed by bad actors.” In early 2023, the influencer unveiled a $1.3 million recovery plan “for disappointed players” who contributed to CryptoZoo. It’s unclear if Paul made any compensations at all since his first announcement last year.

Credit: Source link