KSI’s Alleged Pump-and-Dump Scheme Exposed by Crypto Investigators
YouTuber Olajide Olayinka Williams Olatunji, better known as KSI, has found himself in hot water once again. This time, he is facing allegations of participating in cryptocurrency pump-and-dump schemes. The controversy began when KSI reactivated his old crypto-focused account on social media platform X, where he used to discuss crypto investments with his followers. Crypto investigators ZachXBT and Coffeezilla quickly took notice and scrutinized his actions.
ZachXBT was the first to criticize KSI, accusing him of potentially reverting to his previous practices of “sharing garbage.” He backed up his claim with screenshots allegedly showing KSI’s involvement in a pump-and-dump scheme with XCAD Network (XCAD) tokens. According to ZachXBT, KSI shared his investment in the XCAD Network and then sold off a significant amount of XCAD tokens from his wallet, totaling $850,000.
Further allegations surfaced, including KSI’s previous involvement with the Non-Fungible Token (NFT) project Ethernity Chain (ERN). ZachXBT pointed out that KSI allegedly sold $350,000 worth of ERN tokens after expressing bullish sentiments towards the project. All these allegations raise concerns about KSI’s involvement in the crypto space and whether he is using his influence to manipulate token prices for personal gain.
KSI Addresses Crypto Pump and Dump Allegations
In response to the allegations, KSI defended himself by claiming that he remained a member of the “HodlGang” and expressed continued belief in the XCAD project despite the sell-off. He attributed the selling of XCAD tokens to his decision to invest in Terra Luna Classic (LUNC), which resulted in losses. KSI admitted to losses incurred from his investments and claimed that his social media posts were not intended as financial advice.
However, fellow YouTuber and investigative journalist Coffeezilla released a video dissecting KSI’s statements and actions. Coffeezilla argued that KSI’s behavior aligns with the classic pump-and-dump scheme, regardless of his intent. The pattern of public endorsement followed by private sell-offs constitutes market manipulation, according to Coffeezilla. He suggested that KSI’s actions were deliberate and manipulative, designed to inflate token prices for personal gain.
Coffeezilla also questioned KSI’s claim that he tweeted the opposite of his actions due to market reactions. Despite direct communication between the two, KSI has yet to address the matter publicly in further detail. These allegations and criticisms cast doubt on KSI’s credibility in the crypto space and raise questions about his true intentions.
It is worth noting that KSI’s close friend and business partner, Logan Paul, is also facing scrutiny in the crypto sphere. Logan Paul is currently involved in a class-action lawsuit related to the sales of an NFT collection called CryptoZoo. The lawsuit alleges that Paul promised a play-to-earn game tied to the NFTs but failed to deliver. In response, Paul has offered refunds to investors in exchange for waiving legal claims against him.
The controversy surrounding KSI and Logan Paul highlights the need for transparency and accountability in the crypto industry. Investors should be cautious when following influencers’ advice and conduct thorough research before making any investment decisions. It is essential to rely on credible sources of information and seek guidance from reputable experts in the field.
In Conclusion
KSI’s alleged involvement in cryptocurrency pump-and-dump schemes has sparked controversy within the crypto community. While KSI defends himself by claiming innocence and naivety in the crypto space, investigators like ZachXBT and Coffeezilla argue that his actions constitute market manipulation. The allegations against KSI raise concerns about the credibility of influencers and the need for more regulation and transparency in the crypto industry.
Investors should remain vigilant and skeptical of influencers’ advice, conducting their own research before making any investment decisions. It is crucial to rely on reliable sources of information and seek guidance from reputable experts who have a track record of providing accurate and unbiased analysis. The crypto industry is still evolving, and it is essential to navigate it with caution and due diligence.
🔍 Remember, always do your own research before investing in cryptocurrencies.
**Disclaimer: This article is for informational purposes only and should not be taken as financial advice.**
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