Logan Paul Brings a $1.3M Plan to Save CryptoZoo
- Logan Paul has created a three-step plan worth $1.3 million to save blockchain game called CryptoZoo, which he created.
- The YouTuber stated that the plan is to “obviously finish and deliver the game as outlined in the whitepaper.”
- He is no longer pursuing legal action against Coffeezilla who stated that Paul deliberately implemented a rug pull via CryptoZoo.
- A reward program will be created allowing the “disappointed” investors to burn their NFTs and get the 0.1 ETH mint price back
Many celebrities had jumped head-first into the crypto industry to capitalize on the booming industry during or post the 2021 crypto market bull run. However, most of the said celebrities have landed into trouble for their promotions of projects and some have even been accused of initiating rug pulls. Logan Paul, an American media personality, podcaster, actor, and professional wrestler, is one of these celebrities as well.
Logan Paul introduced a blockchain game called CryptoZoo, which also consisted of a nonfungible token (NFT) collection as a part of the project. However, the project was devoid of any activity for a number of days, and holders of the NFT collection are still waiting for the game and additional developments promised down the road.
Fellow YouTuber and internet detective Stephen Findeisen, also known as Coffeezilla, stated in a video that Logan Paul had actually implemented a rug pull and added that “CryptoZoo was supposed to be a fun blockchain game that can earn you money […] but millions of dollars of investor money later, things are still broken.”
As a result of the same, Logan Paul introduced a recovery plan for the CryptoZoo project, which was supposed to be a blockchain game allowing “ZooKeepers” to buy NFT eggs using the game’s native token, ZOO. These eggs would eventually hatch into animals that can be bred to create hybrid animals which would be tradeable along with the ZOO token.
While Logan Paul earlier wanted to sue Coffeezilla, he confirmed in a Twitter post that he won’t be pursuing a legal case anymore because it would not help the CryptoZoo community. The professional wrestler stated that he wants to deliver the roadmap to the community and make things right with the holders of the NFT collection.
“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.”
Logan Paul outlined a three step process, and in the first one, the YouTuber and his manager /CryptoZOO co-founder Jeff Levin, will burn their ZOO token holdings so that they “have no financial upside” and the value of the coin increases. Moreover, he also confirmed that in the second step, he will personally commit 1,000 Ether (ETH), which will create a reward program allowing the “disappointed” investors to burn their NFTs and get the 0.1 ETH mint price back.
In the last step, Logan Paul stated that the plan is to “obviously finish and deliver the game as outlined in the whitepaper.” He further added that “if any money is recovered in the process, it’ll go right to the community.”
“To say I am disappointed in how this was handled internally is an understatement, there’s a full internal investigation going on along with an audit and we are going to pursue full legal action for whoever needs to be held accountable.”