Author: Syedur Rahman 6 January 2024
The BBC sought Syed Rahman’s opinion on You Tube star Logan Paul’s offer to buy back NFTs (non-fungible tokens) from fans who invested in his CryptoZoo game.
Despite people spending millions on CryptoZoo, the game never became a reality. Paul has now said he will purchase the NFT’s back from fans who agree not to sue him, although it is unlikely that fans will receive full refunds.
Syed explained that the CryptoZoo case highlighted the risks “associated with investing in a relatively new and unregulated market".
He said that although he does not think such a high-profile case will have a major impact on the overall reputation of cryptocurrency, it may prompt discussion about the need for additional regulations.
Syed added that while the level of regulation differs from country to country, consumers "may well have rights in NFT purchases or things of that nature". Whether they wish to go through litigation to get back the money they spent will, according to him, depend on how much they invested in the scheme in the first place, as the cost and inconvenience of going through the courts may outweigh the amount that is returned to them.
The full article can be read here.
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, international arbitration, civil recovery, cryptocurrency and high-stakes commercial disputes.