By Michael Scott
Logan Paul is unveiling 1000 ETH to repay the investors seeking exit through burning CryptoZoo NFTs. The YouTuber plans to utilize the $1.5 million in funding CryptoZoo recovery while repaying individuals who participated in the troubled NFT project.
Paul announced the decision in a clip conveyed via a January 13 tweet. He portrayed departure from the initial stance to pursue a defamation lawsuit alleging fellow YouTuber CoffeeZilla made disparaging comments and clips on the CrytpoZoo NFT project. Instead, Paul prioritized restoring CryptoZoo via a roadmap that aligns investors and fans.
Paul disclosed that pressing charges against Coffeezilla would yield little assistance to the Cryptozoo holders. He considered it critical to phase the recovery in stages that will expedite the process.
Phased Recovery Plan
The initial stage mandates Paul and his co-founder Jeff Levin to their holdings comprising the ZOO tokens. Doing so is essential to eliminate financial upside for both co-founders, where the token would accumulate more value in the recovery game.
The second stage will involve Paul committing 1000 Ether that will constitute the rewards to the disappointed investors swapping their NFTs for an initial 0.1 ETH back, translating to a $150 mint price.
Paul unveiled 1000 ETH, which had an estimated worth of $1.3 million, into the rewards program. The recent rally witnessed by cryptos has propelled ETH to exchange $1543, marking a 17.9% weekly gain, translating to $1.543 million into the program.
Paul added that the third stage would involve implementing the game as illustrated within the whitepaper. He restated the commitment to actualize the play-to-earn game where holders breed animal NFTs to realize the ZOO token rewards.
Expressing disappointment, Paul disclosed that internal investigations were ongoing to hold the perpetrators accountable. He reassured to allocate all proceeds recovered during the internal probe to the community.
Mixed Bag Reaction to Paul’s Repay Program
Paul’s offer attracted a mixed bag of reactions from the community members. The impressed members tipped their hats to the effort, while others criticized the move.
Genius Group chief executive Roger Hamilton lauded Paul’s efforts and was optimistic that the CoffeeZilla investigation would result in refunds to the victims.
Paul’s move was perceived as a last-minute strategy to save face. Crypto trader crypto_bitlord7 argued that Paul demonstrated little care till his reputation was in apparent distress. The popular NFT trade decried Paul’s initial threats to sue and only retreat after backfiring.
Editorial credit: Ira Lichi / Shutterstock.com
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