Logan Paul unveils a $1.3m CryptoZoo recovery plan
Logan Paul, a YouTuber turned wrestler, has presented a $1.3 million recovery plan for those who contributed to his troubled NFT project CryptoZoo.
Paul announced in a video posted to Twitter on Jan. 13, claiming to have a recovery path for the CryptoZoo project. He also won’t sue fellow YouTuber Coffeezilla who had criticized his NFT project in a series of videos.
Paul stressed that his current priorities include improving CryptoZoo, completing the roadmap, and making amends with the community and investors:
“The fact is that suing Coffeezilla will not help CryptoZoo holders, so I need to spend my attention where it belongs, which is on my friends and supporters.”
He also explained that his recuperation approach would be in three stages. To begin, he and his manager, the CryptoZoo co-founder Jeff Levin, would burn their ZOO token holdings to “have no financial upside” in the game and presumably increase the token’s value.
Second, he would personally pledge 1,000 ETH, worth over $1.3 million when writing, as part of a rewards scheme that will allow “disappointed” investors to burn their NFTs to recoup the initial 0.1 ETH ($150) mint price.
ETH, bitcoin (BTC), and other crypto assets have been pumping in the past few trading days.
The final stage, according to Paul, is to “clear finish and deliver the game as specified in the whitepaper,” which was first advertised as a play-to-earn game involving breeding animal NFTs to collect ZOO token prizes. Paul said he would distribute the revenue collected to the community immediately.
Paul’s tweet received a mixed response from the community; some commended him for his efforts, while others kept criticizing him.
