YouTuber KSI Hit with Crypto Pump-and-Dump Accusations; Logan Paul’s NFT Trouble Continues
Summary:
YouTuber "KSI" faces accusations of engaging in cryptocurrency pump-and-dump schemes by crypto investigators ZachXBT and Coffeezilla after revitalizing his old crypto-centric account. Notably, KSI allegedly promoted crypto tokens and then sold them abruptly, including his involvement with the XCAD Network and Ethernity Chain projects. KSI publicly defended himself, claiming he's still holding some tokens and was merely learning about the crypto world. The accusations come alongside similar controversies involving fellow YouTuber Logan Paul's involvement in the unsuccessful NFT collection, CryptoZoo.
Famed YouTuber Olajide Olayinka Williams Olatunji, otherwise known as “KSI,” has been accused of perpetrating pump-and-dump schemes by cryptocurrency experts ZachXBT and Coffeezilla, following the revival of his crypto-centric X account. On February 14th, KSI resurrected his old X account where previously he discussed investments in crypto coins. The internet sensation posted a test message on his crypto-based account which boasts around 371,000 followers. Shortly after that, crypto investigator ZachXBT responded to KSI’s post and suggested that the influencer was positioning himself to "begin endorsing junk coins again." ZachXBT provided further context by posting a screenshot depicting KSI discussing his investment in the XCAD Network watch-to-earn project and another one showing him divesting $850,000 worth of XCAD tokens. Other excerpts of KSI endorsing and then dumping tokens were also provided by ZachXBT, citing one particular incident in 2021 where KSI indicated being bullish about the NFT-centric project Ethernity Chain (ERN), followed by the sale of $350,000 worth ERN tokens. Another popular YouTuber, Stephen “Coffeezilla” Findeisen, issued a response video containing KSI’s reactions to the issue. KSI maintains that he still holds some XCAD tokens, still believes in the project, and the possibility of earning from viewing content. He stated that his XCAD holdings were sold with the intention to invest in the now-defunct Terra Luna Classic (LUNC). KSI denied harbouring any fraudulent motives, stating he was relatively new to cryptocurrency and seeing it through an enthusiastic lens. The YouTuber also addressed his crypto-related posts and subsequent selling of tokens by explaining that the market often behaved contrarily to his predictions, after which he resorted to posting the reverse of his actual intentions. KSI further clarified he did not gain from such actions and in fact, lost money in the failed LUNC venture. Still, Coffeezilla believes that KSI's public endorsement of tokens followed by their private disposal defines a pump and dump scheme. Whether KSI profited or otherwise is irrelevant, according to Coffeezilla, who argued that KSI’s actions are fitting to the form of a pump-and-dump scheme. Alongside, KSI’s close friend and collaborator, fellow YouTuber Logan Paul, has also been embroiled in a crypto controversy involving a class-action lawsuit concerning an unsuccesful NFT collection named CryptoZoo. On the 5th of January, Paul committed to compensating investors, given they agree to renounce any existing or potential legal claims against him.
Published At
2/15/2024 1:44:36 PM
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