"Mystery animals are ethnoknown—that is, they have acquired a certain degree of recognition by any community (geographical, cultural, or other) that share stories. Otherwise, we would not have heard about these creatures. But, mystery animals are also folkloric. They carry cultural baggage: assumptions brought on and influenced by fear, surprise, exaggeration, ridicule, and superstition of the unknown. Even a trustworthy eyewitness may get details wrong or believe they have seen something they really have not. Sightings of strange creatures, especially predators, feed fear—particularly when the animal can take down a cow, horse, or child.
"There are many potential explanations that could account for mystery animals: misidentifications, escaped exotics, and hoaxes are all possible. Some mystery animals are just imaginative creations, with no basis in reality. But, there is also the possibility, however remote, that certain sightings relate to species that haven’t yet been scientifically described, or which are believed extinct."
