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Logan Paul unveils $1.5M CryptoZoo recovery plan

Logan Paul indicated as part of the proposal that he will spend 1,000 ETH to reimburse unsatisfied investors who wish to quit by burning their CryptoZoo NFTs.

Logan Paul, a YouTuber, has announced a $1.5 million recovery plan for those who invested in his dormant NFT firm CryptoZoo.

In a video posted to Twitter on January 13, Paul stated that he no longer intends to sue fellow YouTuber Coffeezilla for defamation following charges made in a critical series of videos about Paul’s NFT project.

As a result, Paul stressed 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 will not help Cryptozoo holders, so I do need to focus my attention where it should be, which is on fans and supporters of me.”

Paul explained that his recuperation approach is divided into three stages. To begin, he and his manager/CryptoZOO co-founder Jeff Levin would burn their ZOO token holdings in order to “have no financial upside” in the game and to presumably increase the token’s value.

Second, he stated that he will personally commit 1,000 Ether as part of a rewards scheme that allows “disappointed” investors to burn their NFTs in order to recover the initial 0.1 ETH ($150) mint price.

It’s worth mentioning that at the time of Paul’s tweet announcing his $1.3 million investment in the rewards programme, 1,000 ETH was worth that amount. However, the price of ETH — as well as a slew of other major assets — has since been on a tear, with the coin gaining 10.2% in the last 24 hours to sit at around $1,548 at the time of writing.

Finally, Paul stated that the third stage is to “clearly finish and deliver the game as specified in the whitepaper,” which was first marketed as a play-to-earn game in which players bred animal NFTs to get ZOO token incentives.

“To say I am upset in how this was handled internally is an understatement; there is a complete internal investigation underway, as well as an audit, and we intend to pursue full legal action against anyone has to be held accountable.”

“Any money found in the process would be returned to the community,” he continued.

The community’s reaction to Paul’s Twitter post was varied, with some applauding his efforts while others continued to criticise him.

Users such as @tharaxis stated that while criticism of Paul and CryptoZOO was justified, “all of this sounds extremely positive and while it took a long this surely merits a ‘good job’. “Let’s hope it stays that way.”

While Roger Hamilton, the founder and CEO of Genius Group, added, “‘I’m sorry,’ and recompense to people who lost money. What a shame if all CoffeeZilla investigations ended up this way.”

Popular NFT and crypto trader @crypto bitlord7, on the other hand, stated: “But let’s be honest. You didn’t care until it harmed your reputation.”

“Then you threatened to sue. And when you saw it had backfired, you began this to please people. You’re as phoney as it gets. “A genuine Larp,” they wrote.

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