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XCAD Network founder Oliver Bell defended YouTuber KSI on February 15 after the content creator faced accusations of engaging in a pump-and-dump scheme involving several of his digital asset tokens, including XCAD.
In a post on X, Bell remarked that KSI – whose full name is Olajide Olayinka Williams Olatunji – had been one of the “most significant contributors” to XCAD.
Just a brief note from me regarding XCAD’s mention in the recent KSI situation
KSI invested in XCAD from the very beginning. Among our entire cap table, KSI has been one of the most substantial contributors, facilitating introductions and providing suggestions regarding the product.
He did sell some XCAD which he…
— Oliver Bell (@Oly245) February 15, 2024
“In fact, he has purchased significantly more XCAD than he has sold,” Bell stated in his post. “KSI did not engage in a ‘Pump & Dump’ of XCAD.”
Bell indicated that KSI remains an investor in XCAD, while also managing “other wallets” and being a “strong” supporter of the token.
KSI’s Pump and Dump Allegations
On February 14, blockchain investigator ZachXBT shared screenshots from KSI’s X account, where the YouTuber mentioned that he had invested in XCAD before liquidating $850,000 worth of the token shortly thereafter.
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The crypto investigator provided further examples of KSI discussing various tokens and subsequently selling the assets. Another crypto analyst, Coffeezilla, characterized KSI’s behavior as a “classic pump and dump.”
Coffeezilla stressed that the issue is not about being a good or bad caller. The crypto analyst contended that KSI’s actions, trading contrary to his statements, resemble a “pump and dump” and claimed that such conduct raises ethical concerns.
Coffeezilla stated that if CNBC host Jim Cramer makes statements and then trades against them, it constitutes a “pump and dump.”
Fan Defends KSI
A devoted supporter named Vibhor has also produced a 36-page document in support of the YouTuber. While recognizing his potential bias towards KSI, Vibhor asserted that the YouTuber only shares his crypto activities on platform X and is known for “changing his mind instantly.”
The fan compared KSI to Cramer, noting that, similar to Cramer, KSI’s actions in the crypto realm may have opposing impacts on assets.
“Whenever he states he is going to HOLD a crypto, that crypto tends to decline, and whenever he indicates it is time to sell a crypto, that crypto tends to rise,” Vibhor remarked. “There is a meme based on doing the opposite of whatever KSI is doing. And KSI himself has acknowledged that many times.”
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