Olajide Olayinka Williams Olatunji, better known on YouTube as KSI, has been accused by crypto investigators of allegedly orchestrating “pump and dump” schemes involving multiple cryptocurrencies.
Recently, the popular YouTuber reopened his crypto-related X account, which has been offline since November 2022. This raised speculations about his actions from the past.
Crypto Investigators Coffeezilla And ZachXBT Accuse KSI Of Scamming Followers
The birth of the controversy was after KSI tweeted in March 2022 about his “$XCAD bag looking juicy again”, accompanied by the hashtag “HodlGang” – a term in the crypto dictionary urging investors to hold on to their assets despite market fluctuations.
Last week, on-chain sleuth ZachXBT shared screenshots of KSI’s crypto X account posting about the XCAD token about two years ago. They then revealed transactions from the YouTuber’s wallet showing an apparent sell-off of $850,000 worth of XCAD tokens in the days following the tweet.
Crypto enthusiasts are speculating that KSI may have dumped the tokens on the same day he asked investors to hold on to them
However, this is not the first time KSI has made similar tweets. In March 2021, the Youtuber tweeted saying he held 2 NFT coins and was “very bullish” on ERN. Just hours later, he proceeded to sell $349,000 worth of ERN, highlighted ZachXBT.
In another instance in November 2021, KSI made posts saying “$PUSSY is about to explode”, only to dumb his PUSSY holdings for $25,000.
KSI lauded NFT tokens on multiple occasions, purportedly expressing bullish sentiments, only for him to sell them off within hours or days. This prompted another crypto investigator, Coffeezilla, to describe the Youtuber’s actions as the literal definition of a “pump and dump” scheme.
Following ZachXBT’s tweet, Oliver Bell, the founder of the Xcad Network, came out in defense of KSI. He made a post on X the very next day, arguing that the YouTuber had every right to sell his token. Bell said that KSI has been one of Xcad’s “biggest value adders” who made introductions and suggestions around the product.
The project’s chief executive also claimed that while KSI sold some of XCAD holdings, he “bought a lot more” than he sold.
Bell also pushed away allegations that KSI was orchestrating a pump-and-dump scheme, saying that the YouTuber was not scamming investors and he remains an active investor and believer in the Xcad Network who has “other wallets”.
Meanwhile, Coffeezilla managed to get a response from KSI on these grave accusations. In his defense, KSI asserted that he remains a loyal member of the “HodlGang”.
Talking about his tweet from March 2022, the millionaire said he was making a strategic move to sell his XCAD gains and invest in the ill-fated Luna token. He thought it would make him more profit so that he could buy back more XCAD, only to take a “major L” (loss).
The YouTube sensation claimed innocence, asserting that he had no malicious intent and was merely navigating the complexities of the crypto market as a newcomer. He added that every time he made a tweet about a token, the opposite market effect occurred.
KSI defended himself by saying that he would “tweet the opposite” of his actual actions.
However, Coffeezilla cornered KSI, arguing that publicly advocating one position while privately taking the opposite action is the epitome of a crypto “pump and dump” scheme, before adding that such conduct, whether successful or not, falls under the definition of market manipulation, regardless of whether the YouTuber was guilty or not.
Apart from Bell, another long-term fan of KSI’s, who goes by the name Vibhor, came out in his defense. He published a 36-page document arguing that the YouTuber only shares his crypto strategies on X and is known for “flipping his mind instantly”.
The fan, who admitted that he may be biased toward KSI, compared the YouTuber to CNBC’s ‘Mad Money’ host Jim Cramer, whose market calls are prone to triggering the opposite action for assets.
Vibhor wrote that whenever KSI said he was going to hold a crypto, that token would go down and whenever he said it was time to sell a crypto, that asset would go up.
Despite the claims of innocence and fans coming out in his defense, Coffeezilla is not convinced by the argument. In a response video to Vibhor, the crypto investigator said it was not about being a good or bad market caller. He said that saying one thing and trading against is what is called a “pump and dump” and that is not an ethical thing to do.
Not everyone is supportive of KSI. One crypto community member named “UtdMicah”, who is a writer for the soccer publication Attacking Football, accused him of wrongdoing and tricking his millions of followers.
Another member believes this could be the result of his friendship with fellow YouTuber Logan Paul, who is embroiled in a class-action lawsuit over a non-fungible token (NFT) collection.
Last year, plaintiff Don Hollan alleged that Paul and executives at CryptoZoo (CZ) – an NFT collection promoted by the YouTuber – executed a rug pull by promising holders of the NFTs exclusive access to crypto assets among other benefits, only for them to abandon the project and keep investor funds.
Last month, the influencer put up an X post saying that he plans to personally put in over $2.3 million to buy back ‘Base Eggs’ and ‘Base Animals’ NFTs from “every person who intended to play” his CryptoZoo game as long as they don’t sue him.
In January 2022, Logan Paul and KSI announced that they had founded a new drinks company known as Prime Hydration. Prime has signed several athletes to sponsorships and even made a Super Bowl LVII commercial. Last July, the company signed sponsorships with major soccer teams like FC Barcelona, Bayern Munich, and Arsenal.
