YouTube influencer Logan Paul has created a refund plan for his troubled CryptoZoo NFT project, announced in a video on Twitter. January 13th.
CryptoZoo redeems user tokens
In 2021, Paul and a large team started creating CryptoZoo, a collectible NFT project for the Binance smart chain. But growing dissatisfaction with the project has led Paul to launch his three-pronged program to refund investors.
Paul said today that he will allow disgruntled investors to exit the project immediately and burn the CryptoZoo base tokens at the mint price. The mint price is his 0.1 ETH ($144) and Paul commits his 1000 ETH ($1.4 million) to the redemption plan. Those who redeem the tokens can receive ETH or BNB tokens.
Paul also said he and his manager, Jeff Levin, will burn their own tokens to eliminate any financial advantage on CryptoZoo.
Finally, Paul said he plans to complete and launch the game and marketplace as promised. He added that an internal investigation and audit will be conducted and any funds recovered in the process will be returned to the community.
Paul apologizes to Coffeezilla
Paul also apologized to Stephen Findeisen, aka Coffeezilla, who criticized CryptoZoo for its imperfect state in December. His one of those videos was titled “Logan Paul’s Biggest Fraud Investigation.”
These allegations prompted Paul to threaten legal action against Coffeezilla last week. However, Paul has since dropped the legal threat.
Paul says in today’s video:
Because I was defensive… I never scammed anyone on this project, I never made money, I never sold tokens.
In today’s video, Paul publicly apologizes to CoffeeZilla, saying “Coffeezilla is not a criminal” and thanking them for bringing attention to the project’s problems. It admitted that it would not bring profits to investors.