March 27, 2024
Pump-and-Dump Allegations Swirl Around YouTuber KSI, Sparking Controversy
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Pump-and-Dump Allegations Swirl Around YouTuber KSI, Sparking Controversy

Renowned YouTube personality Olajide Olayinka Williams Olatunji, widely known as “KSI,” finds himself embroiled in controversy as crypto investigators ZachXBT and Coffeezilla raise serious allegations of pump-and-dump schemes following his resurgence in the cryptocurrency space.

On February 14th, KSI reignited his presence on the crypto-focused platform X, where he previously delved into discussions about crypto token investments. With approximately 371,000 followers, the internet sensation posted a message, testing the waters of his revitalized account.

However, within hours of KSI’s return, crypto investigator ZachXBT cast doubt on the YouTuber’s intentions, alleging that KSI was poised to resume “sharing garbage.” ZachXBT further revealed screenshots purportedly showing KSI’s investment in the watch-to-earn project XCAD Network (XCAD), alongside evidence of KSI’s crypto wallet offloading $850,000 worth of XCAD tokens.

This revelation wasn’t an isolated incident, as ZachXBT highlighted prior instances where KSI’s endorsements preceded significant token sell-offs. Notably, in 2021, KSI had expressed bullish sentiment towards the nonfungible token (NFT)-focused project Ethernity Chain (ERN), only to swiftly liquidate approximately $350,000 in ERN tokens shortly after.

The situation escalated when fellow YouTuber Stephen “Coffeezilla” Findeisen joined the fray, sharing KSI’s statements regarding the allegations. Despite KSI’s assertions of still holding some XCAD tokens and maintaining faith in the project, Coffeezilla contested that KSI’s actions constituted a textbook example of pump-and-dump tactics. He argued that KSI’s contradictory public statements and private actions fit the definition of manipulating token prices for personal gain.

In response, KSI defended himself, attributing his actions to his inexperience in the crypto space and the unpredictable nature of market reactions to his social media posts. He claimed innocence, asserting that he “didn’t have any malicious intent” and was merely excited about his newfound involvement in cryptocurrencies.

However, Coffeezilla remained skeptical, dismissing KSI’s explanation and labeling his behavior as pump-and-dump regardless of its success. The controversy surrounding KSI’s actions underscores the risks and ethical considerations inherent in celebrity endorsements within the cryptocurrency sector.

Moreover, KSI’s affiliation with fellow YouTuber and business partner Logan Paul, who is entangled in his own crypto-related legal woes, adds a layer of complexity to the situation. Paul faces a class-action lawsuit over the sales of an NFT collection called CryptoZoo, raising broader questions about accountability and transparency in the crypto influencer sphere.

As the fallout from these allegations unfolds, the crypto community remains vigilant, emphasizing the importance of integrity and responsible conduct in navigating the volatile landscape of digital assets.

Image: Wallpapers.com

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