The YouTuber Logan Paul has unveiled a $1.5 million recovery plan for CryptoZoo investors.
In a video posted to Twitter on Jan. 13, Paul reiterated that he will no longer sue fellow YouTuber Coffeezilla for defamation for accusations he made in a series of videos critical of Paul’s NFT project.
Paul stressed instead that he is focused on fixing CryptoZoo, delivering on the roadmap, and making things right with investors and fans:
“Suing Coffeezilla will not benefit Cryptozoo holders, so I should focus my attention on my fans and supporters.”
First, he and his manager/CryptoZOO co-founder Jeff Levin will burn their ZOO token holdings so that they “have no financial upside” in the game, and so that the token will allegedly have more value.
In addition, he said he will personally commit 1,000 Ether to a rewards program that would allow “disappointed” investors to burn their NFTs in order to recoup the 0.1 ETH ($150) mint price.
According to Paul, the third step is to “obviously finish and deliver the game,” which was originally described as a play-to-earn game that involved breeding animals to earn ZOO tokens.
It’s an understatement to say I’m disappointed with how this was handled internally. An internal investigation is currently underway along with an audit, and we intend to pursue legal action against those responsible.”
“If any money is recovered, it will go right back to the community,” he said.
There were mixed reactions to Paul’s Twitter post, with some tipping their hats to his efforts, while others continued to criticize him.
While @tharaxis noted that criticism of Paul and CryptoZOO was valid, “this seems very positive and deserves a ‘good job’. I hope that continues.”.
It would be great if all CoffeeZilla investigations ended this way as the founder and CEO of Genius Group Roger Hamilton stated: “‘I’m sorry’ and compensation to those who lost money.”
@crypto_bitlord7, another popular crypto trader, said: “But let’s be honest. You didn’t care until it started affecting your reputation.”
“You threatened to sue, and when that failed, you started this to try to please people. You are as fake as they come. A true larp,” they wrote.