YouTuber Logan Paul has unveiled a $1.5 million restoration plan for the individuals who invested in his beleaguered nonfungible token (NFT) challenge CryptoZoo.
Asserting the transfer in a video shared through Twitter on Jan. 13, Paul reiterated that he’s now not seeking to sue fellow YouTuber Coffeezilla for defamation over accusations he made in a crucial collection of movies on Paul’s NFT challenge.
My 3-step plan for CryptoZoo, together with a $1.3M rewards program for dissatisfied gamers.
Thanks, @coffeebreak_YT pic.twitter.com/xFX017UHoc
— Logan Paul (@LoganPaul) January 13, 2023
As such, Paul emphasised that he’s as a substitute targeted on fixing CryptoZoo, delivering on the roadmap and making issues proper with followers and traders:
“The very fact is, suing Coffeezilla isn’t going to assist Cryptozoo holders so I do have to focus my consideration the place it needs to be, which is on followers and supporters of me.”
Paul outlined that his restoration plan consists of three phases. Firstly, he and his supervisor/CryptoZOO co-founder Jeff Levin will burn their ZOO token holdings in order that they “don’t have any monetary upside” within the sport, and in order that the token supposedly has extra worth.
Secondly, he claimed that he’ll personally commit 1,000 Ether (ETH) as a part of a rewards program that allows “dissatisfied” traders to burn their NFTs to get the preliminary 0.1 ETH ($150) mint value again.
Response tweet from CryptoKingBob: Twitter
It’s value noting that on the time of Paul’s tweet by which he mentioned he was placing up $1.Three million for the rewards program, the 1,000 ETH was value that sum. Nevertheless the value of ETH — amongst a bunch of different prime property — has since been on a hefty pump that has seen its value achieve 10.2% over the previous 24 hours to take a seat at roughly $1,548 on the time of writing.
Lastly, Paul famous that the third stage is to “clearly end and ship the sport as outlined within the whitepaper,” which was initially touted as a play-to-earn sport that concerned breeding animal NFTs to obtain ZOO token rewards:
“To say I’m dissatisfied in how this was dealt with internally is an understatement, there’s a full inside investigation occurring together with an audit and we’re going to pursue full authorized motion for whoever must be held accountable.”
“If any cash is recovered within the course of, it’ll go proper to the group,” he added.
The group response to Paul’s Twitter publish was blended, with some tipping their hats to Paul’s efforts, whereas others continued to pile on with additional criticism.
Associated: NFTs have a brighter future on Instagram than on Twitter
Customers comparable to tharaxis famous that whereas criticism of Paul and CryptoZOO was legitimate, “all of this appears very constructive and whereas it took some time this positively deserves a ‘good job’. Hopefully it stays that approach.”
Whereas the founder and CEO of Genius Group Roger Hamilton added: “‘i’m sorry’ and compensation to those that misplaced cash. How nice if all CoffeeZilla investigations would find yourself this manner.”
On the opposite finish of the spectrum, widespread NFT and crypto dealer crypto_bitlord7 acknowledged: “However let’s be trustworthy. You didn’t care till it began to impression your popularity.”
“You then threatened to sue. And while you realized it backfired, you began this to attempt to please folks. You’re as pretend because it will get. A real Larp,” they wrote.
He STILL didn’t take any accountability!
He mentioned “I’m sorry for a way issues unfolded” he refuses to imagine he’s at fault.
Moreover, he mentioned “full investigation on WHOEVER is accountable”
And now he’s treating coffeezilla like his finest pal but he doesn’t observe him
— Youssof Altoukhi (@Youssofal_) January 13, 2023
https://cointelegraph.com/information/logan-paul-unveils-1-3m-cryptozoo-recovery-plan