{"id":169576,"date":"2023-01-14T03:26:29","date_gmt":"2023-01-14T03:26:29","guid":{"rendered":"https:\/\/precoinnews.com\/?p=169576"},"modified":"2023-01-14T03:26:29","modified_gmt":"2023-01-14T03:26:29","slug":"logan-paul-unveils-1-3m-cryptozoo-recovery-plan","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/logan-paul-unveils-1-3m-cryptozoo-recovery-plan\/","title":{"rendered":"Logan Paul unveils $1.3M CryptoZoo recovery plan"},"content":{"rendered":"
YouTuber Logan Paul has unveiled a $1.5 million recovery plan for the people who invested in his beleaguered NFT project CryptoZoo.<\/p>\n
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 Paul\u2019s NFT project.<\/p>\n
As such, Paul emphasized that he is instead focused on fixing CryptoZoo, delivering on the roadmap and making things right with fans and investors:<\/p>\n
\u201cThe 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.\u201d <\/p><\/blockquote>\n
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 \u201chave no financial upside\u201d in the game, and so that the token supposedly has more value. <\/p>\n
Secondly, he claimed that he will personally commit 1,000 Ether (ETH) as part of a rewards program that enables \u201cdisappointed\u201d investors to burn their NFTs to get the initial 0.1 ETH ($150) mint price back. <\/p>\n
<\/p>\n
It is worth noting that at the time of Paul\u2019s tweet, 1,000 ETH was worth around $1.3 million, however the price of ETH \u2014 among a host of other top assets \u2014 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. <\/p>\n
Finally, Paul noted that the third stage is to \u201cobviously finish and deliver the game as outlined in the whitepaper,\u201d which was initially touted as a play-to-earn game that involved breeding animal NFTs to receive ZOO token rewards. <\/p>\n
\u201cTo say I am disappointed in how this was handled internally is an understatement, there\u2019s 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.\u201d<\/p><\/blockquote>\n
\u201cIf any money is recovered in the process, it\u2019ll go right to the community,\u201d he added. <\/p>\n
The community reaction to Paul\u2019s Twitter post was mixed, with some tipping their hats to Paul\u2019s efforts, while others continued to pile on with further criticism. <\/p>\n
Related: NFTs have a brighter future on Instagram than on Twitter <\/strong><\/em><\/p>\n
Users such as @tharaxis noted that while criticism of Paul and CryptoZOO was valid, \u201call of this seems very positive and while it took a while this definitely deserves a \u2018good job\u2019. Hopefully it stays that way.\u201d<\/p>\n
While the founder and CEO of Genius Group Roger Hamilton added: \u201c\u2018i\u2019m sorry\u2019 and compensation to those who lost money. How great if all CoffeeZilla investigations would end up this way.\u201d<\/p>\n
On the other end of the spectrum, popular NFT and crypto trader @crypto_bitlord7 stated: \u201cBut let\u2019s be honest. You didn\u2019t care until it started to impact your reputation.\u201d <\/p>\n
\u201cYou 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,\u201d they wrote.<\/p>\n