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UPD: Logan Paul Presents $1.5M Recovery Plan for CryptoZoo

Following a critical series of videos on NFT project CryptoZoo, published by his fellow YouTuber CoffeeZilla, Paul apologised and proposed a 3-step recovery plan.

Logan Paul unveiling his CryptoZoo recovery plan on Twitter. Source: Twitter

Recently we wrote about Logan Paul’s CryptoZoo scam disclosed by YouTuber Coffezilla, now after a few attempts to sue Coffeezilla and after a pretty long wait Paul has decided to make things right.

On January 13, Paul put out a video that was shared on Twitter, stating that he plans to reimburse anyone who wasn’t happy with investing in CryptoZoo NFT venture, and will personally commit 1,000 ETH (approximately, $1.5M) as part of the rewards program. Additionally, he said that he was no longer looking to sue Coffeezilla for his videos and even thanked him.

Instead Paul emphasised that he is focused on fixing CryptoZoo, working on a roadmap and making things right with fans and investors. “I do need to focus my attention where it should be, which is on fans and supporters of me,” he told his audience.

The plan outlined by Paul consists of 3 stages. Firstly, he and his manager and CryptoZoo co-founder Jeff Levin will burn their tokens, so that they “have no financial upside” in the game, with the intended outcome being that ZOO tokens supposedly gain in value. Secondly, he will commit 1,000 ETH out of his pocket to enable disappointed investors to burn their NFTs to get the initial 0.1 ETH ($150) mint price back. Lastly, Paul noted that the third stage involves completing and delivering the game as outlined in the whitepaper, which initially called for breeding animals to earn ZOO tokens.

Paul’s post received mixed reactions from the crypto community. Some users noted that despite Paul’s best efforts and reassuring words, investors will still remain short changed.

And apart from saying “sorry” he didn’t take any accountability for what happened.

“However, some people praised him for being honest and apologising in front of his fans and the investors of CryptoZoo.”

Of course, Paul only reacted to criticism after his reputation was in danger, but it’s still a bold move. Hopefully, CryptoZoo recovers and becomes what it was promised to be. We continue to observe.