YouTuber Logan Paul has revealed a $1.5 million recovery plan for those who invested in the NFT CryptoZoo project.
Announcing the move in a video shared via Twitter on January 13, Paul reiterated that he did not intend to sue fellow YouTuber Coffeezilla for defamation over allegations made in a series of videos critical of Paul’s NFT project.
My 3-step plan for CryptoZoo, including a $1.3M reward program for disappointed players.
thanks, @coffeebreak_YT pic.twitter.com/xFX017UHoc
— Logan Paul (@LoganPaul) January 13, 2023
So, Paul emphasized that he is more focused on fixing CryptoZoo, delivering the roadmap and making things right with fans and investors:
“The truth is, suing Coffeezilla isn’t going to help Cryptozoo holders, so I have to focus where I belong, which is my fans and supporters.”
Paul emphasized that the recovery plan consists of three stages. First, he and CryptoZOO manager/founder Jeff Levin will burn their ZOO token holdings so that they have “no financial value” in the game, and so that the tokens are supposed to have more value.
Second, they claim that they will create 1,000 Ether (ETH) as part of a reward program that allows “disappointed” investors to burn NFTs to get a mint price of 0.1 ETH ($150).
It is worth noting that at the time of Paul’s tweet, 1,000 ETH was worth about $1.3 million, but the price of ETH – among many other top assets – has since been in a huge pump that has gained 10.2% more in value. 24 hours ago to sit at approximately $1,548.
Finally, Paul noted that the third phase is “obviously finalizing and delivering the game as outlined in the whitepaper,” which was initially described as a play-to-ear game that involved breeding NFT animals to receive ZOO token rewards.
“To say I’m disappointed in how it’s been handled internally is an understatement, there’s a full internal investigation underway along with an audit and we’ll be taking full legal action against whoever is responsible.”
“If any money is recovered in the process, it will go directly to the community,” he said.
Community reaction to Paul’s Twitter post was mixed, with some tipping their hat to Paul’s efforts, while others continued to heap criticism.
Related: NFTs have a brighter future on Instagram than on Twitter
Users such as @tharaxis noted that the criticism of Paul and CryptoZOO is valid, “all of this looks very positive and while it may take some time, it’s definitely worth the ‘good job’. I hope it stays that way.”
While Genius Group founder and CEO Roger Hamilton added: “‘Sorry’ and compensation for those who lost money. It would be great if the whole CoffeeZilla investigation would end this way.
On the other side of the spectrum, popular NFT and crypto trader @crypto_bitlord7 stated: “But let’s be honest. You don’t care until it affects your reputation.
“You then threatened to sue. And when you realized it backfired, you started this to try to please him. You are as fake as it gets. A real larp,” he wrote.
They still don’t take responsibility!
He said “I’m sorry about what happened” he couldn’t believe he was wrong.
Also, he said “a full investigation into WHOEVER is responsible”
And now he treats coffeezilla like his best friend but he doesn’t follow him
– Youssof Altoukhi (@Youssofal_) January 13, 2023