Xcad Network Founder Oliver Bell Defends YouTuber KSI Amid Pump and Dump Accusations
Summary:
Xcad Network's founder, Oliver Bell, defends YouTuber KSI against allegations of implementing a 'pump and dump' strategy with his XCAD tokens. Cryptocurrency investigator ZachXBT accused KSI of promoting and then offloading his digital assets, triggering their price to fluctuate. Bell maintains KSI had the right to sell his tokens, and argued that he has been an active supporter of their venture. KSI super-fan Vibhor leapt to his defense as well, while another cryptocurrency expert, Coffeezilla, remained unconvinced. Critics argue that KSI's actions were a manipulation, with some linking his behavior to his association with Logan Paul, who is currently wrapped up in legal troubles over a nonfungible token (NFT) collection.
Oliver Bell, Xcad Network's (XCAD) originator, has entered the fray in defence of popular YouTuber KSI after being accused by cryptocurrency expert ZachXBT of implementing a pump and dump strategy with his digital tokens, including XCAD. On February 14, ZachXBT exhibited screenshots proving KSI promoting XCAD on his profile, followed by the sell-off of tokens worth $850,000. ZachXBT gave further examples of this action, leading another digital currency pundit, Coffeezilla, to qualify this as the ideal description of a pump and dump.
Bell, on February 15, responded to these accusations. He insisted that KSI, as a token holder, had every right to offload his tokens. According to Bell, KSI is a prominent contributor offering significant insights and suggestions regarding the product. Although Bell acknowledged that KSI offloaded some tokens, he claimed KSI had acquired substantially more than he sold and in no way conducted a pump and dump strategy with XCAD. He further highlighted KSI's commitment as an active investor and strong supporter of the venture with multiple wallets.
A fervent fan of KSI, known as Vibhor, compiled a 36-page document in defence of the YouTuber. Vibhor, admitting possible bias towards KSI, suggested that KSI publicly shares his personal cryptocurrency dealings and is known for his impulsive decisions. Vibhor compared KSI's influence on the crypto market with that of CNBC host Jim Cramer, suggesting that KSI's pronouncement oftentimes result in a reverse effect on the assets. Vibhor stated, "When KSI announces his intention to hold a cryptocurrency, it typically decreases in value, inversely, if he intends to sell, there is typically a price increase." He added that this practice has been recognized and even mentioned by KSI.
However, Coffeezilla remains sceptical, countering that being a good or bad “caller” does not legitimize KSI's actions of seemingly trading against his own advice. He expressed the viewpoint that even if Jim Cramer traded against his announcements, it would still be categorized as a pump and dump scheme and be frowned upon as unethical.
Yet, some observers are less forgiving, alleging KSI acted contemptuously, while others suspect this could be the effect of his relationship with Logan Paul, who is currently entangled in legal troubles concerning a nonfungible token (NFT) collection.
Published At
2/16/2024 2:01:27 PM
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