YouTuber Logan Paul has announced a $1.5 million recovery plan for those who have invested in his distressed NFT project CryptoZoo.
Paul, who announced the move in a video shared on Twitter on Jan. 13, said he no longer seeking litigation Fellow YouTuber Coffeezilla for defamation of accusations he made important series of videos About Paul’s NFT project.
CryptoZoo’s 3-step plan, including a $1.3 million reward program for disappointed players.
— Logan Paul (@LoganPaul) January 13, 2023
As such, Paul instead emphasized that his focus is on fixing CryptoZoo, providing a roadmap, and getting the relationship right with fans and investors.
“The truth is, suing Coffeezilla won’t help Cryptozoo owners, so I need to focus my attention where it should be: my fans and supporters.”
Paul outlined that his recovery plan consists of three phases. First, he and his manager/CryptoZOO co-founder Jeff Levin will burn their holdings of ZOO tokens so that they “have no monetary benefit” in-game and increase the value of the tokens.
Second, he claimed to personally commit 1,000 Ether (ethereum) as part of a rewards program that allows “disappointed” investors to burn NFTs to reclaim the initial 0.1 ETH ($150) mint price.
At the time of Paul’s tweet, 1,000 ETH was worth about $1.3 million, but the price of ETH is — Among many other top assets — have used a hefty pump ever since I saw its price get It has risen 10.2% over the past 24 hours and remains at around $1,548.
Finally, Paul said the third phase is to “complete and deliver the game as outlined in the whitepaper.” It was initially advertised as a play-and-earn game that involved breeding his NFTs of animals to receive ZOO token rewards.
“To say I am disappointed with how this has been handled internally is an understatement. We will take action.”
“If any money is recovered in the process, it will be sent directly to the community,” he added.
The community reaction to Paul’s Twitter post was mixed, with some people taking their hats off for Paul’s efforts and others continuing to criticize him further.
Users such as @tharaxis pointed out that the criticisms of Paul and CryptoZOO were justified, but said, “This is all very positive, and although it has taken time, this is definitely a ‘good job’.” is worth it. Hopefully it stays that way. ”
Genius Group Founder and CEO Roger Hamilton added: It would be nice if all CoffeeZilla investigations ended like this. ”
At the other end of the spectrum, popular NFT and crypto trader @crypto_bitlord7 said: You didn’t care until it started to affect your reputation. ”
“Then you threatened to sue. And when you realized it backfired, you started doing this to please people. You’re as fake as it gets.” A true Larp,” they wrote.
He was still not accountable!
“I’m sorry for how things turned out,” he said, not believing he was at fault.
Furthermore, he said he would “perform a full investigation as to who is responsible.”
And now he treats Coffeezilla like a best friend but doesn’t follow him
— Youssof Altoukhi (@Youssofal_) January 13, 2023