YouTuber Logan Paul has unveiled a $1.5 million payback plan for people who invested in his controversial NFT CryptoZoo project..
Announcing the move in a video shared via Twitter on January 13, Paul reiterated that he is no longer looking to sue fellow YouTuber Coffeezilla for defamation. over the allegations he made in a series of videos critical of Paul’s 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
My 3-step plan for CryptoZoo, including a $1.3 million bounty program for disappointed players.
Paul emphasized that, instead, is focused on fixing CryptoZoo, meeting the roadmap and making things right with fans and investors:
“The fact is that suing Coffeezilla is not going to help the Cryptozoo owners, so I do need to focus my attention where it belongs, which is on the fans and my supporters.”
Paul explained that Your recovery plan consists of three phases. First, he and his manager/CryptoZOO co-founder Jeff Levin will burn their ZOO token holdings so that they “have no financial advantage” in the game, and so that the token is supposedly more valuable.
Second, he claimed that he will personally pledge 1,000 Ether (ETH) as part of a bounty program. which allows “disappointed” investors to burn their NFTs to recoup the initial minting price of 0.1 ETH ($150).
It’s worth noting that when Paul posted the tweet saying he was putting up $1.3 million for the rewards program, the 1,000 ETH was worth that amount. Nevertheless, the price of ETH—among a host of other major assets—has since experienced a sharp rise that has seen its price rise 10.2% in the last 24 hours until it was around $1,548 at the time of writing these lines.
Finally, Paul pointed out that the third stage is “obviously finish and deliver the game as described in the whitepaper”which was initially promoted as a winnable game that involved breeding NFT animals to receive ZOO token rewards.
“To say I am disappointed in how this has been handled internally is an understatement, a full internal investigation is underway along with an audit and we are going to take full legal action to whoever is held accountable.”
“If any money is recovered in the process, it will go directly to the community”he added.
Community reaction to Paul’s Twitter post was mixed: some tipped their hats to Paul’s efforts, while others continued to rack up criticism.
- Related: NFTs have a bigger future on Instagram than on Twitter
Users like @tharaxis pointed out that while the criticisms of Paul and CryptoZOO were valid, “This all seems very positive and although it took a while this definitely deserves a ‘good job’. Let’s hope it stays that way.”.
While Genius Group founder and CEO Roger Hamilton added: “‘I’m sorry’ and compensation to those who lost money”. It’s great if all CoffeeZilla investigations ended like this.”.
On the other end of the spectrum, popular cryptocurrency and NFT trader @crypto_bitlord7 stated: “But let’s be honest. You didn’t care until it started to affect your reputation.”.
“Then you threatened to sue. And when you realized it backfired on you, you started this to try to please people. You’re as fake as can be. a true larp“, wrote.
He STILL did not take any accountability!
He said “I’m 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 doesn’t follow him
— Youssof Altoukhi (@Youssofal_) January 13, 2023
STILL, he did not take any responsibility.
He said that he is “sorry about how events have unfolded” but refuses to believe that he is guilty.
In addition, he said “full investigation into WHOMEVER is responsible.”
And now he’s treating coffeezilla as his best friend, yet he doesn’t follow it.
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