Logan Paul apologizes for Cryptozoo debacle while announcing refund plans
Logan Paul just recently made a public apology concerning the events surrounding the Cryptozoo project. In a statement, Logan announced a three-step plan to refund investors.
Logan’s public apology
In a recent video posted on Twitter, Logan Paul, a famous American Youtuber and boxer, apologized publicly for his role in Cryptozoo.
Logan was among the few celebrities who encouraged many to purchase the collectibles for an entertaining “game that makes you money.” Logan discussed the Cryptozoo project in his Youtube podcast called Impaulsive.
While promoting this project, Paul announced that he spent a large chunk of money to develop Cryptozoo with support from a great team. The project was described as an automated system allowing Zookeepers to purchase and sell exotic animals leveraging tokens and NFTs. However, more than a year after the promotion and sale of the tokens, the game has yet to be launched.
Logan apologized to investors of Cryptozoo while announcing a plan for refunds.
Review of the whole saga
Towards the end of 2022, Coffeezilla, a popular Youtuber, released an investigation series where he exposed Cryptozoo as a scam. Logan Paul threatened to pose legal action against Coffeezilla, forcing the YouTuber to issue a public apology and delete the ‘defaming’ video. As part of his apology video, Logan paul apologized to the fellow YouTuber.
The video garnered traction almost instantly, going viral on Twitter. In his apology, Paul noted that:
“Coffeezilla is not a criminal, I called him. I apologized. My initial response to his series was that of fire, ego, and pride. I was defensive because I know I never scammed anyone with this project.”
The recovery plan
In the statement, Cryptozoo released a three-step plan to refund the losers. Logan noted that he, together with Jeff, will burn tokens held to give up any future Cryptozoo financial gains. This adds value to older tokens and their holders.
In the second step, Logan will create a rewards program. Players who got some disappointments concerning the game’s operations can get simple rewards. This $1.3 million reward program has various requirements for investors to participate.
The current token holders can burn an egg for 0.1 ETH, the actual mint price. The mint price is higher than the game’s current value so that investors can earn back their money.
In his final step, Logan will finish the game. He also noted that there’s already an internal investigation, and anyone found guilty will face legal action. Logan assured people they could trust him and promised transparency concerning anything that unfolded.
Cryptozoo token price actions
As the Cryptozoo saga continues, the network’s native token, Cryptozoo, is currently falling off. The coin is priced at $0.0000045 and recorded a 31.8% price plunge in the past 24 hours. The coin’s trading volumes surged over 250% in the past 24 hours despite the price plunge. This could indicate a lack of liquidity, as investors are struggling to get rid of this token.