Logan Paul has officially been dismissed from the class action lawsuit involving the cryptocurrency project CryptoZoo. A federal judge in Texas ruled in his favor, ending all claims against the social media star and part-time boxer.
The lawsuit accused Paul of misleading investors and causing financial losses through the failed NFT-based game, which was marketed as a way to earn money by buying and hatching “egg NFTs” that revealed collectible animals.
On Wednesday, Judge Alan Albright of the U.S. District Court for the Western District of Texas, Waco Division, signed off on Paul’s motion to dismiss all counts.
“It is further ordered that Defendant Logan Paul’s Motion to Dismiss is hereby granted as to all counts and all 27 of Plaintiffs’ claims be dismissed,” the judge wrote.
CryptoZoo was presented to the public as a play-to-earn NFT game, but investors encountered multiple issues shortly after its launch. Concerns about mismanagement led to the federal class action being filed.
Paul responded by promising to make restitution to affected users, including implementing a buyback program to refund players impacted by the failed project.
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 midst of the legal proceedings, Paul shared an update on social media, posting, “case dismissed,” signaling relief and marking the resolution of a drawn-out legal battle.
A post shared by Logan Paul (@loganpaul)
Paul also filed his own lawsuit against former business partners Eduardo Ibanez and Jake Greenbaum. He alleged they had misrepresented their experience and intentions, describing them as “con artists” who caused him to fail in the CryptoZoo venture. Paul emphasized that he personally did not profit from the project due to their alleged misconduct.
A magistrate judge had previously noted that plaintiffs failed to show a direct connection between Paul and their losses. Judge Albright’s final ruling now formally removes him from the case, clearing all allegations.
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