March 27, 2024
XCAD Founder Defends KSI Amid Pump-and-Dump Accusations
Latest Cryptocurrency News

XCAD Founder Defends KSI Amid Pump-and-Dump Accusations

Xcad Network’s founder, Oliver Bell, defended YouTuber KSI against crypto investigator ZachXBT’s accusations of a pump-and-dump scheme involving XCAD tokens. ZachXBT shared screenshots on Feb. 14, alleging that KSI promoted XCAD and sold $850,000 worth of tokens, a pattern labeled by another investigator, Coffeezilla, as a “pump and dump.”

In response, Bell argued on Feb. 15 that KSI had the right to sell tokens, emphasizing KSI’s significant contributions to Xcad Network as one of their “biggest value adders.” Bell contended that KSI purchased more tokens than he sold, directly disputing the pump-and-dump allegations.

He asserted KSI’s continued active investment and support for Xcad Network. A devoted fan, Vibhor, contributed a 36-page document defending KSI, acknowledging potential bias but highlighting KSI’s transparent sharing of crypto activities on X. Vibhor likened KSI to CNBC host Jim Cramer, noting the volatility of calls that may influence asset outcomes.

Despite these defenses, crypto investigator Coffeezilla remained unconvinced. In a response video, he emphasized that KSI’s trading actions contrary to his statements constitute a pump-and-dump, stressing the ethical concerns surrounding such behavior. Notably, one community member speculated malicious intent on KSI’s part. At the same time, another suggested a connection to Logan Paul, KSI’s friend embroiled in a class-action lawsuit over a nonfungible token collection.

The controversy revolves around KSI’s alleged market influence through social media and raises questions about transparency and ethical practices in the cryptocurrency space. The conflicting perspectives from Bell, Vibhor, and Coffeezilla reflect a broader debate on the responsibilities and actions of influencers within the crypto community. ZachXBT’s screenshots indicated a significant token sale by KSI, with $850,000 worth of XCAD being dumped shortly after promotion.

This sparked concerns about the potential impact of influencer behavior on token values and investor trust. Bell’s defense of KSI emphasized the YouTuber’s positive contributions to Xcad Network, portraying him as a committed supporter. Vibhor’s detailed document aimed to provide context to KSI’s actions, drawing parallels with other media personalities. However, Coffeezilla remained steadfast in critiquing KSI’s actions as unethical, irrespective of intent or past contributions.

“Whenever he says he is gonna HOLD a crypto, that crypto will go down and whenever he says it is time to sell a crypto, that crypto will go up. There is a meme based on this to do the opposite of whatever KSI is doing. And KSI himself has acknowledged that many times.”

The community’s divided opinions, ranging from defending KSI to raising suspicions of malicious intent, reflect the complexity of evaluating influencers’ roles in the crypto space. As the debate unfolds, it underscores the need for transparency, accountability, and ethical conduct among influencers who wield significant influence in the cryptocurrency market.

Image By vector_corp

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