Influencer KSI faced allegations of endorsing questionable cryptocurrency projects, subsequently selling off the tokens to his followers.
summary
- KSI’s endorsement of XCAD and ERN tokens sparked market interest, but he swiftly sold $850,000 worth of XCAD and $349,000 worth of ERN.
- The influencer faced allegations of potential market manipulation.
In the world of cryptocurrency, influencers hold considerable sway, capable of influencing markets with a single social media post. However, this influence also invites close scrutiny, as not all influencers use their power responsibly. Recently, attention has turned to a YouTuber and influencer accused of promoting a crypto pump-and-dump scheme.
Olajide Olayinka Williams “JJ” Olatunji, better known as KSI, a British YouTuber, rapper, and boxer, has refuted allegations of involvement in a pump-and-dump scheme. He stated that he did not intend to profit from his fans and claimed to be “clueless” about crypto.
KSI Faces Allegations of Token Dumping
The KSI controversy began on Wednesday, February 14, when a cryptocurrency investigator, ZachXBT, discovered transactions suggesting that the influencer had sold hundreds of thousands of tokens he had previously endorsed.
In March 2022, KSI tweeted about the XCAD token, encouraging his followers to “hodl” it. However, shortly thereafter, he sold $850,000 worth of XCAD tokens.
This incident wasn’t isolated. For instance, back in 2021, KSI expressed optimism about Ethernity Chain (ERN) but ended up selling $350,000 worth of ERN tokens just hours later.
As the narrative gained momentum, well-known YouTube investigator Coffeezilla joined the discussion. He interacted directly with KSI, who defended his actions.
“I invested 2 million of my own money and ultimately lost it all. I didn’t make any profit from crypto,” KSI asserts, portraying himself as an inexperienced trader rather than a successful scammer.
He acknowledged selling some of his XCAD holdings to profit from the Terra-Luna stablecoin but views it as a significant loss, losing $2.8 million when both Terra and Luna plummeted. However, skepticism remains, as evidence indicates that KSI sold crypto tokens shortly after endorsing them to his audience. Some argue that KSI’s losses in crypto don’t justify his gains from tokens like XCAD or ERN.
Which projects did KSI endorse?
The projects endorsed by KSI align with his interests, notably the XCAD Network, which aims to enable YouTubers like him to monetize their audiences. Specifically, the XCAD Network introduces a tokenization system where creators can issue personalized tokens on the platform. These tokens serve as a new medium of exchange, allowing fans to earn them by watching videos and engaging with content.
Additionally, KSI also participated in NFT trading, which is the focus of Ethernity Chain. The platform sets itself apart by prioritizing verified NFTs, ensuring authenticity and exclusivity through collaborations with celebrities, artists, and athletes.
