Investors who put their money into Logan Paul’s CryptoZoo nonfungible token (NFT) gaming project are still waiting for the promised refund of 1000 Ether (ETH), worth $1.93 million at current prices, according to reports.
In a YouTube video posted on June 30, a YouTuber known as Coffezilla, who first exposed the issues with the project in December 2022, claimed that Paul’s communication with the CryptoZoo community has been nonexistent in recent months.
Coffezilla stated, “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.” Coffezilla also revealed that he had been pressing Paul for a refund plan behind the scenes but received no concrete response.
CryptoZoo was launched in September 2021 as an NFT breeding game that offered opportunities to earn ZOO tokens and NFTs.
Paul himself described it as a “really fun game that makes you money.”
However, the project faced numerous issues such as lackluster NFT artwork, plummeting NFT and ZOO token prices, and a failure to deliver on the project’s roadmap.
These problems led to increasing dissatisfaction among investors by late 2022.
After Coffezilla’s exposé videos on CryptoZoo gained traction and sparked community backlash, Paul announced a plan to refund investors on January 14.
He also pledged to fulfill the project’s roadmap.
However, despite these promises, a class-action lawsuit was filed against CryptoZoo and Paul the following month.
In Coffezilla’s latest video, he shared screenshots of email exchanges with Paul’s lawyer, Jeffrey Neiman of the MNR Law Firm.
The emails suggested that no concrete plan had been established for the refund process. Neiman’s email stated, “We are working with Mr. Paul to evaluate the best way to achieve this goal.”
Coffezilla raised concerns about the lack of progress, emphasizing that blockchain developers could easily write the code for the refund process and that Paul has more than enough wealth to reimburse the investors.
He criticized the statement from Paul’s lawyer, calling it a stalling tactic or an admission of having no plan. Coffezilla questioned why, six months later, the team had not figured out a solution.
As of now, Paul has not responded to these allegations on YouTube or Twitter, leaving investors in CryptoZoo uncertain about the fate of their investments and the promised refund.
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