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Monday, February 6, 2023

Logan Paul Has A $1.5 Million Rescue Plan For Cryptozoo

The troubled nonfungible token (NFT) project CryptoZoo of YouTuber Logan Paul has a $1.5 million rescue plan for its backers.

Paul stated that he is no longer seeking to sue fellow YouTuber Coffeezilla for defamation over claims he made in a critical series of films on Paul’s NFT project when he announced in a video broadcast through Twitter on Jan. 13. Paul has been a hot topic on Twitter, TikTok, and other social media sites as a result of the two tales that went viral on social media. Other creatives and influencers have weighed in from all directions, creating a tumultuous conversation. Paul responded by using social media and his podcast.

Logan Paul Has A New Plan

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In August 2021, Logan Paul announced CryptoZoo for the first time on his podcast Impaulsive. He described it as “a really enjoyable game that pays you money” and claimed to have been working on his “own NFT concept.” In the blockchain “game” CryptoZoo, participants purchase in-game currency called $Z00 to use on virtual eggs that develop into animals. Theoretically, eggs might also be bred, producing hybrids that were uncommon and so more valuable economically.

Logan Paul detailed the three steps of his healing process. Initially, he and his manager and co-founder of CryptoZOO Jeff Levin will burn their ZOO token holdings to “have no financial upside” in the game and presumably increase the token’s value. It’s important to note that the 1,000 ETH was worth that much at the moment Paul tweeted that he would contribute $1.3 million to the rewards scheme. However, the price of ETH, along with several other major assets, has since been on a strong pump. Its price has increased 10.2% over the previous 24 hours to sit at about $1,548, according to data from CoinMarketCap.

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