Renowned YouTube personality Olajide Olayinka Williams Olatunji, widely known as “KSI,” has found himself embroiled in controversy once again, facing allegations of cryptocurrency pump and dump schemes after reactivating a crypto-focused account on social media platform X.
Does this still work?
— KSICRYPTO (@ksicrypto) February 13, 2024
The YouTuber has come under scrutiny from crypto investigators ZachXBT and Coffeezilla after reopening his old crypto-focused X account.
KSI’s Alleged Pump-and-Dump Scheme Exposed by Crypto Investigators
On February 14th, KSI reactivated his X account where he previously used to discuss crypto investments with his 371,000 followers, hinting at renewed crypto token discussions. This quickly drew scrutiny from investigators ZachXBT and Coffeezilla.
Inb4 he starts sharing garbage again.
Dumping your tokens on Logan Paul’s lapdog is permitted and encouraged.
— ZachXBT (@zachxbt) February 13, 2024
Shortly after, crypto investigator ZachXBT commented on KSI’s post, criticizing him and accusing KSI of potentially reverting to his previous practices of “sharing garbage again.” ZachXBT backed his claim with damning evidence, sharing screenshots allegedly depicting KSI’s involvement in a pump-and-dump scheme with XCAD Network (XCAD) tokens.
ZachXBT pointed to a post where KSI shared his investment in the watch-to-earn project XCAD Network (XCAD), followed by a significant sell-off of XCAD tokens amounting to $850,000 from his crypto wallet.
Further allegations surfaced, where ZachXBT pointed out other examples of KSI posting about tokens and selling them afterward. This includes KSI’s previous involvement with the Non Fungible token (NFT)-focused project Ethernity Chain (ERN), where he allegedly sold $350,000 in ERN tokens after publicly expressing bullish sentiments towards the project.
The controversy surrounding KSI’s involvement in crypto comes at a time when his close friend and business partner, Logan Paul, faces similar scrutiny in the crypto sphere.
Paul, also a popular YouTuber, is currently embroiled in a class-action lawsuit related to the sales of an NFT collection called CryptoZoo. The lawsuit alleges that Paul promised a play-to-earn game tied to the NFTs, which was never delivered. In response, Paul has offered refunds to investors in exchange for waiving legal claims against him.
KSI Addresses Crypto Pump and Dump Allegations
In response to the allegations, the YouTuber defended himself, asserting that he remained a member of the “HodlGang” and expressing continued belief in the XCAD project despite the sell-off. He attributed the selling of XCAD tokens to his decision to invest in Terra Luna Classic (LUNC), formerly known as LUNA, which ultimately resulted in losses.
Regarding the other instances, KSI attributed his actions to his excitement and lack of experience in the crypto space, denying any malicious intent. He admitted to losses incurred from his investments and expressed regret if his social media posts were misconstrued as financial advice.
However, his explanation failed to assuage concerns. Fellow YouTuber and investigative journalist Stephen “Coffeezilla” Findeisen released a video dissecting KSI’s statements and actions, arguing that his behavior aligns with the classic pump-and-dump scheme. Despite KSI’s claims of innocence and ignorance regarding market influence, Coffeezilla insisted that the pattern of public endorsement followed by private sell-offs constitutes manipulation.
Coffeezilla argued that KSI’s actions, regardless of intent, fit the definition of market manipulation, undermining the trust of investors and distorting token prices for personal gain. Coffeezilla argued that his actions were deliberate and manipulative, designed to inflate token prices for personal gain. The YouTuber’s purported naivety in the crypto space was called into question, as Coffeezilla suggested that KSI’s actions were calculated rather than inadvertent.
KSI’s assertion that he tweeted the opposite of his actions due to market reactions drew skepticism from Coffeezilla, who remains unconvinced by KSI’s narrative. Despite direct communication between KSI and Coffeezilla, the YouTuber has yet to address the matter publicly in further detail.