As part of the plan, Logan Paul stated that he will commit 1,000 ETH to repay disgruntled investors that want to make an exit via burning their CryptoZoo NFTs. 4938 Total views 51 Total shares Listen to article 0:00 News Own this piece of history
Collect this article as an NFT YouTuber Logan Paul has unveiled a $1.5 million recovery plan for the people who invested in his beleaguered NFT project CryptoZoo.
Announcing the move in a video shared via Twitter on Jan. 13, Paul reiterated that he is no longer looking to sue fellow YouTuber Coffeezilla for defamation over accusations he made in a critical series of videos on Pauls NFT project.
My 3-step plan for CryptoZoo, including a $1.3M rewards program for disappointed players.
Thank you, @coffeebreak_YT pic.twitter.com/xFX017UHoc Logan Paul (@LoganPaul) January 13, 2023
As such, Paul emphasized that he is instead focused on fixing CryptoZoo, delivering on the roadmap and making things right with fans and investors:The fact is, suing Coffeezilla is not going to help Cryptozoo holders so I do need to focus my attention where it should be, which is on fans and supporters of me.
Paul outlined that his recovery plan consists of three stages. Firstly, he and his manager/CryptoZOO co-founder Jeff Levin will burn their ZOO token holdings so that they have no financial upside in the game, and so that the token supposedly has more value.
Secondly, he claimed that he will personally commit 1,000 Ether (ETH) as part of a rewards program that enables disappointed investors to burn their NFTs to get the initial 0.1 ETH ($150) mint price back. Reaction tweet from @CryptoKingBob: Twitter
It is worth noting that at the time of Pauls tweet in which he said he was putting up $1.3 million for the rewards program, the 1,000 ETH was worth that sum. However the price of ETH among a host of other top assets has since been on a hefty pump that has seen its price gain 10.2% over the past 24 hours to sit at roughly $1,548 at the time of writing.
Finally, Paul noted that the third stage is to obviously finish and deliver the game as outlined in the whitepaper, which was initially touted as a play-to-earn game that involved breeding animal NFTs to receive ZOO token rewards. To say I am disappointed in how this was handled internally is an understatement, theres a full internal investigation going on along with an audit and we are going to pursue full legal action for whoever needs to be held accountable.
If any money is recovered in the process, itll go right to the community, he added.
The community reaction to Pauls Twitter post was mixed, with some tipping their hats to Pauls efforts, while others continued to pile on with further criticism.
Related: NFTs have a brighter future on Instagram than on Twitter
Users such as @tharaxis noted that while criticism of Paul and CryptoZOO was valid, all of this seems very positive and while it took a while this definitely deserves a good job. Hopefully it stays that way.
While the founder and CEO of Genius Group Roger Hamilton added: im sorry and compensation to those who lost money. How great if all CoffeeZilla investigations would end up this way.
On the other end of the spectrum, popular NFT and crypto trader @crypto_bitlord7 stated: But lets be honest. You didnt care until it started to impact your reputation.
You then threatened to sue. And when you realized it backfired, you started this to try to please people. You are as fake as it gets. A true Larp, they wrote.
He STILL did not take any accountability!
He said Im sorry for how things unfolded he refuses to believe he is at fault.
Additionally, he said full investigation on WHOEVER is accountable
And now he is treating coffeezilla like his best friend yet he doesnt follow him Youssof Altoukhi (@Youssofal_) January 13, 2023 #Business #Games #YouTube #Blockchain Game #NFT #Play-to-earn Related News The concept and future of decentralized Web3 domain names Logan Paul threatens to sue Coffeezilla over CryptoZoo scam allegations With 2022 gone for good, what will 2023 bring to the crypto market? Nifty News: Degen season returns with feet NFTs, disappointing Game of Thrones NFTs and more Play-to-earn falling out of favor after massive shift in priority BGA survey
