YouTuber KSI Accused of Crypto Pump and Dump Scam By Investigators

Crypto investigators ZachXBT and Coffeezilla have leveled accusations against Olajide Olayinka Williams Olatunji, widely known as KSI, for allegedly orchestrating multiple pump-and-dump schemes within the cryptocurrency space. 

KSI, a popular YouTuber, reopened his crypto-related Twitter account recently, breaking a silence that persisted since November 2022. The resurfacing of KSI's crypto engagement was met with mixed reactions, particularly fueled by allegations of dubious market practices. 

This controversy emerged after KSI tweeted in March 2022 about his "$XCAD bag looking juicy again," accompanied by the hashtag "HodlGang," a term in the crypto vernacular urging investors to hold onto their assets despite market fluctuations.

Crypto investigator ZachXBT soon exposed transactions from KSI's crypto wallet, revealing an apparent sell-off of "$850,000 worth of XCAD over the following days." The dump apparently happened on the same day as KSI's optimistic tweet, prompting skepticism among crypto enthusiasts.

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Suspicious Behaviour From KSI

Further scrutiny reportedly revealed a pattern of KSI endorsing projects on his social media accounts, including XCAD Network (XCAD) and the NFT-focused Ethernity Chain (ERN), only to allegedly sell off significant quantities shortly afterward.

In a collaborative effort with Coffeezilla, ZachXBT presented evidence of three additional instances mirroring this suspicious behavior. On multiple occasions, KSI lauded NFT coins, purportedly expressing bullish sentiments, only to execute substantial sell-offs within hours or days. For instance, after publicly endorsing the EARN project, he allegedly sold $174,926 worth of its tokens.

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KSI’S Response

Coffeezilla managed to secure a response from KSI on these grave accusations. In his defense, KSI asserted that he remains a loyal member of the "HodlGang." 

He attributed the controversial initial tweet to a strategic move, explaining that he "sold some profit (as well as my own money) to put into Luna, thinking I would profit more to buy back more XCAD, and took a major L."

The internet sensation claimed innocence, asserting that he had no malicious intent and was merely navigating the complexities of the crypto world as a newcomer. He added that every time he tweeted, the opposite market effect occurred, leading him to "tweet the opposite" of his actual actions.

However, Coffeezilla challenged KSI's narrative, arguing that publicly advocating one position while privately taking the opposite action epitomizes a "pump and dump." Coffeezilla argued that such conduct, whether successful or not, falls under the definition of market manipulation, regardless of whether or not KSI was guilty.