Nftnews Today Logan Paul unveils $1.5M CryptoZoo recovery plan
YouTuber Logan Paul has unveiled a $1.5 million restoration plan for the individuals who invested in his beleaguered nonfungible token (NFT) undertaking CryptoZoo.
Asserting the transfer in a video shared through Twitter on Jan. 13, Paul reiterated that he’s not seeking to sue fellow YouTuber Coffeezilla for defamation over accusations he made in a crucial sequence of movies on Paul’s NFT undertaking.
My 3-step plan for CryptoZoo, together with a $1.3M rewards program for upset gamers.
Thanks, @coffeebreak_YT pic.twitter.com/xFX017UHoc
— Logan Paul (@LoganPaul) January 13, 2023
As such, Paul emphasised that he’s as an alternative centered on fixing CryptoZoo, delivering on the roadmap and making issues proper with followers and buyers:
“The actual fact is, suing Coffeezilla isn’t going to assist Cryptozoo holders so I do must focus my consideration the place it must be, which is on followers and supporters of me.”
Paul outlined that his restoration plan consists of three phases. Firstly, he and his supervisor/CryptoZOO co-founder Jeff Levin will burn their ZOO token holdings in order that they “don’t have any monetary upside” within the recreation, and in order that the token supposedly has extra worth.
Secondly, he claimed that he’ll personally commit 1,000 Ether (ETH) as a part of a rewards program that allows “upset” buyers to burn their NFTs to get the preliminary 0.1 ETH ($150) mint value again.
It’s price noting that on the time of Paul’s tweet during which he mentioned he was placing up $1.3 million for the rewards program, the 1,000 ETH was price that sum. Nonetheless the value of ETH — amongst a bunch of different high belongings — has since been on a hefty pump that has seen its value gain 10.2% over the previous 24 hours to take a seat at roughly $1,548 on the time of writing.
Lastly, Paul famous that the third stage is to “clearly end and ship the sport as outlined within the whitepaper,” which was initially touted as a play-to-earn recreation that concerned breeding animal NFTs to obtain ZOO token rewards:
“To say I’m upset in how this was dealt with internally is an understatement, there’s a full inner investigation occurring together with an audit and we’re going to pursue full authorized motion for whoever must be held accountable.”
“If any cash is recovered within the course of, it’ll go proper to the neighborhood,” he added.
The neighborhood response to Paul’s Twitter submit was combined, with some tipping their hats to Paul’s efforts, whereas others continued to pile on with additional criticism.
Associated: NFTs have a brighter future on Instagram than on Twitter
Customers resembling tharaxis famous that whereas criticism of Paul and CryptoZOO was legitimate, “all of this appears very optimistic and whereas it took some time this positively deserves a ‘good job’. Hopefully it stays that manner.”
Whereas the founder and CEO of Genius Group Roger Hamilton added: “‘i’m sorry’ and compensation to those that misplaced cash. How nice if all CoffeeZilla investigations would find yourself this fashion.”
On the opposite finish of the spectrum, common NFT and crypto dealer crypto_bitlord7 said: “However let’s be trustworthy. You didn’t care till it began to impression your fame.”
“You then threatened to sue. And once you realized it backfired, you began this to attempt to please folks. You might be as faux because it will get. A real Larp,” they wrote.
He STILL didn’t take any accountability!
He mentioned “I’m sorry for the way issues unfolded” he refuses to imagine he’s at fault.
Moreover, he mentioned “full investigation on WHOEVER is accountable”
And now he’s treating coffeezilla like his finest pal but he doesn’t comply with him
— Youssof Altoukhi (@Youssofal_) January 13, 2023
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.
