KSI Under Crypto Scam Investigation, Bitcoin ETFs See Rapid Inflows, Warning Issued for Fake Curve Finance App
Summary:
Internet personality KSI is under investigation by crypto analysts ZachXBT and Coffeezilla for suspected involvement in a pump-and-dump scam with XCAD Network. He denies the charges, citing his unfamiliarity with the crypto market's dynamics. Meanwhile, market data reveals rapid growth in Bitcoin ETF inflows in February, with a record set in the past four days of trading. Also, Curve Finance, a decentralized finance platform, has issued a warning about a fake app on Apple's App Store that impersonates their brand, cautioning users to stay vigilant.
Well-known YouTube personality KSI, who transitioned to cryptocurrency commentary, is under scrutiny by crypto sleuths ZachXBT and Coffeezilla for alleged involvement in a suspected pump-and-dump scam with XCAD Network (XCAD). After resuming his X account activities and expressing enthusiasm about XCAD, a watch-to-earn platform, he faced accusations of promoting and then abruptly selling (dumping) a massive amount of XCAD tokens.
The popular internet figure defended himself by pleading naivety, stating that he neither intended to defraud anyone nor did he understand the potential repercussions of his posts on the digital currency's market performance. However, critics argue that publicly advocating for a coin and then secretly selling it is the epitome of a pump-and-dump scheme, irrespective of whether it was effective or not. It was pointed out that KSI had previously shown similar behavior with the nonfungible token project, Ethernity Chain (ERN).
Simultaneously, market data indicates a drastic uptick in Bitcoin ETF inflows throughout February. Spot Bitcoin ETFs have reportedly garnered more inflows in the previous four trading days than they did in the initial four weeks of the month. Within 20 days, these funds managed a 42,000 Bitcoin inflow, a figure surpassed in just the last quartet trading days with 43,300 Bitcoins. As the popularity of Bitcoin ETFs surges, four such funds, excluding Grayscale, have entered the billion-dollar echelon.
In another development within the sector, the creators of Curve Finance, a decentralized finance protocol, have cautioned users about a counterfeit app on Apple's App Store. The sham application, which impersonates Curve Finance, lists MK Technology as the developer, and has a 4.6-star rating from nine reviewers. Although its intentions are unclear, it might misuse Curve Finance's brand or even seek to compromise user's wallet credentials. Crypto-related fake apps have been a recurring problem, with Apple previously eliminating a rogue Trezor wallet app from its store in 2023.
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Published At
2/15/2024 4:06:09 PM
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