Newsie.Tech

Be Informed Stay Relevant

Metaverse

Investors still waiting on $1.9M refund Logan Paul promised six months ago: CoffeeZilla

ByEagle

Jul 1, 2023

[ad_1]

Investors in Logan Paul’s troubled NFT gaming project CryptoZoo are reportedly still waiting for any specific details on the 1000 Ether (ETH) refund (worth $1.93 million at current prices) that was promised back in January.

In a YouTube video posted on June 30, “internet detective” Coffezilla — the person who initially brought the project’s issues to light in December 2022 — asserted that Paul’s communication with the CryptoZoo community has dried up over recent months:

“It’s been six months, so here’s a follow-up. Logan Paul has not paid back his victims, he hasn’t talked about it since he first announced he was gonna pay them back. And what’s worst of all, he doesn’t seem to have a plan in place to refund anyone.”

“How do I know that? Well because I’ve been asking Logan for that plan to refund people, the entire time, behind the scenes,” he added.

CryptoZoo was launched in September 2021, intending to be a NFT breeding game offering opportunities to earn ZOO tokens and NFTs, with Paul himself describing it as a “really fun game that makes you money.”

However, with lackluster NFT artwork that was seemingly ripped from Adobe Stock images, tanking NFT and ZOO token prices and an apparent failure to deliver on the roadmap, investors became disgruntled by late 2022.

After facing strong backlash from the community following Coffezilla’s series of expose videos on CryptoZoo, Paul ultimately announced a plan to refund investors on January 14, while also vowing to deliver on the project’s roadmap.

This however, didn’t stop CryptoZoo and Paul from being slapped with a class action lawsuit the following month.

In Coffeezilla’s latest video, he shared screenshots of email communications with Paul’s lawyer Jeffrey Neiman of the MNR law firm, which appear to suggest that a concrete plan has yet to be established.

“We represent Logan Paul. Mr. Paul has informed us of your outreach about the status of the CryptoZoo egg buyback. Mr. Paul remains committed to this process. We are working with Mr. Paul to evaluate the best way to achieve this goal,” the email read.

Related: What are blue-chip NFTs, and how to find them?

Coffezilla went on to raise issues with this statement, as he highlighted the simplicity of paying blockchain developers to promptly write the code for the refund process,  while also asserting that Paul is clearly wealthy enough to make investors whole.

“So you’re still at the whiteboard then? Guys this is a statement you say when you have no plan, or you’re stalling, […] I mean that’s where Logan was back in January, he was evaluating.”

“Am I supposed to believe that six months later you guys haven’t figured this out?” he added.

At the time of writing Paul is yet to post a response on YouTube or Twitter.

Magazine: NFT Creator: ‘Holy shit, I’ve seen that!’ — Coldie’s Snoop Dogg, Vitalik and McAfee NFTs