Key Takeaways
- ZachXBT and Coffeezilla accuse KSI of engaging in pump-and-dump schemes after the return of his crypto-focused X account.
- Despite KSI's defense of his actions and intent, the allegations raise critical questions about the ethical responsibilities of influencers in the crypto market.
- The founder of XCAD, Oliver Bell, defended KSI.
The digital finance sphere is abuzz as YouTube star and professional boxer Olajide Olayinka Williams Olatunji, popularly known as KSI, finds himself at the center of serious allegations.
Crypto sleuths ZachXBT and Coffeezilla have spotlighted KSI's recent activities on his rejuvenated crypto-focused X account with 372.3K followers, accusing him of using pump-and-dump schemes.
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Allegedly, the internet personality used a system of artificially inflating the value of tokens (in other words, "pumping") and then "dumping" his share at the inflated rate.
ZachXBT, a well-regarded figure in the crypto investigation realm, went on X to post evidence of KSI promoting the XCAD Network and subsequently dumping $850,000 worth of the mentioned tokens.
Further digging by ZachXBT revealed a pattern where KSI hyped up tokens, including the NFT project Ethernity Chain (ERN), only to sell off his holdings shortly after expressing bullish sentiments.
This behavior prompted another prominent figure, YouTuber Stephen Findeisen, also known as Coffeezilla, to delve deeper, producing a video that dissected KSI's explanations and actions regarding his crypto dealings.
KSI defended himself by stating that although he did sell XCAD, he continued believing in the project and clarified his sales were aimed at reallocating funds to another crypto venture, Terra Luna Classic (LUNC), which later faced its downfall.
He insisted his approach was void of fraudulent intent, especially considering it was unsuccessful. To comment on the mismatch between his public posts and investment moves, KSI stated:
I thought I was getting trolled. Honestly, everytime I tweeted something, the opposite would happen on the market. So, I decided to tweet the opposite of what I was actually doing.
Despite KSI's rationale, Coffeezilla challenged the integrity of his tactics, labeling them as the "definition of a pump-and-dump", whether beneficial for him or not.
The founder of XCAD Network, Oliver Bell, also commented on the situation on X. He came for KSI's defense, stating that he has been "one of the biggest value adders" to the company.
As KSI navigates the backlash and clarifies his position, the broader conversation shifts to the influence of prominent online personalities on market dynamics, underscoring the complexities and ethical dilemmas within the digital asset setting.
This incident also draws parallels with controversies surrounding Logan Paul, KSI's friend and business associate, and his NFT project CryptoZoo.
