The controversial internet personality Ice Poseidon has been exposed by investigative Youtuber Coffeezilla for scamming his investors.
While the famous pump and dump and rug pull schemes might seem quite obvious for most, it seems that influencers are more successful at pulling them off due to built relationships with their followers.
The personality at fault for this particular rug pull was Paul "Ice Poseidon" Denino who released his own crypto project called "CxCoin" back in July of 2021. Denino pitched the CxCoin as a donation project for online content creators, and followers were promised to get returns on their investments.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Avoid Crypto Taxes? (Legal Ways Explained)
Later that month, Denino posted a video on Youtube called Picking up Tesla which sparked some controversy around the community, because a huge chunk of the liquidity pool funds disappeared at the same time. Despite the fact that he claimed the project was "long-term", the "mysterious" drainage of the liquidity pool made the claim that much more dodgy.
This led to a conclusion, on the back of Cofeezilla’s investigation, that the Youtuber pulled $300K worth of CxCoin out of the liquidity pool just two weeks after the project was released, and allegedly purchased the vehicle.
When confronted on the issue in an online interview with Coffeezilla, Ice Poseidon openly admitted to rug pulling the project, saying that due to the crypto market crash, he didn’t want to risk holding the coins, stating:
"I’m not going to let $300k in the liquidity pool go to waste, so I took what wasn't necessary in there."
While it was initially reported that he only took $300K from his project, Denino managed to steal almost $750K in total from his investors. The rest of the funds came from his presale and marketing wallets that were also emptied out.
Likewise, he told Coffeezilla that the total amount will essentially be split in two ways, with Denino getting 55% of the cut, while developers will receive the rest.
Strangely enough, according to the interview, Ice Poseidon said that he will put back about $155K worth of digital assets back into the liquidity pool, and he did, but not to the promised extent. He settled with just $40K for his fans and investors as a consolation prize.
After the video was released, Ice Poseidon issued a statement, saying that he "did not 'steal' or 'scam' anyone, nor he made money on the expense of others." This was a bit contradictory since he openly admitted to the rug pull. Shortly after, Coffeezilla responded to his tweet, slamming his statement by saying that if Ice Poseidon did not scam anyone, then "where did that money come from? from thin air?"
This led to Paul Denino making all of his social media platforms private, and leaving comments on all his videos turned off.
Earlier in January of 2022, Kim Kardashian and Floyd Mayweather were sued by one of the investors of EthereumMAX (advertised cryptocurrency by the two celebrities) who claimed that the project was a rug pull.
