The investors in YouTuber Logan Paul’s troubled NFT project CryptoZoo now have a $1.5 million recovery plan. Paul made it clear that his attention is on improving CryptoZoo and added that he is pushing through on the plan, and making amends with supporters and investors.
Following his apology, Paul stated that in a video posted to Twitter on January 13, that now he wasn’t looking to prosecute another YouTuber Coffeezilla for defamation after the YouTube journalist accused Logan of reportedly recruiting criminals and ex-convicts to construct his non-fungible token (NFT) game project, CryptoZoo, which Coffeezilla claims to be a fraud.
Logan Paul said:
“The 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.”
Three Step Recovery Plan for CryptoZoo
Paul detailed the three steps of his recovery process. Initially, he and his manager and co-founder of CryptoZOO Jeff Levin will burn their ZOO token holdings in order to “have no financial upside” in the game and presumably increase the token’s value.
Secondly, as part of a rewards programme that allows “disappointed” investors to burn their NFTs in order to recover the original 0.1 ETH ($150) mint price, he also stated that he will personally commit 1,000 Ether.
It is important to note that at the time of Paul’s tweet, 1,000 ETH was worth approximately $1.3 million; however, the price of ETH, along with a number of other prominent assets, has subsequently been on a significant pump that has seen its price increase 10.2% over the previous 24 hours to sit at nearly $1,548.
The third stage, according to Paul, is “obviously finish and deliver the game as outlined in the whitepaper,” which was first marketed as a play-to-earn game that entailed breeding animal NFTs in order to collect ZOO token incentives.
The community’s response to Paul’s Twitter message was varied; some applauded his efforts, while others kept throwing more criticism.