XCAD founder defends YouTuber KSI against pump and dump allegations
Oliver Bell, the founder of the Xcad Network, came to the defense of YouTuber KSI after crypto investigator ZachXBT accused the internet celebrity of performing a pump-and-dump scam with his digital asset tokens, including XCAD.
On Feb. 14, ZachXBT shared screenshots of KSI’s X account posting about XCAD and then dumping $850,000 of the tokens in the days that followed. The crypto detective posted several more examples of KSI mentioning other tokens and then selling the assets afterward, which another crypto sleuth, Coffeezilla, described as the “definition of a pump and dump.”
Just a quick note from me regarding XCADs mention in the recent KSI drama
KSI invested into XCAD on day zero. Out of our whole cap table, KSI has been one of the most biggest value adders, making introductions, suggestions around the product.
He did sell some XCAD which he…
— Oliver Bell (@Oly245) February 15, 2024
Bell posted a response the next day, arguing that the YouTuber had all the rights to sell his tokens. On Feb. 15, Bell said in a post that KSI had been one of their “biggest value adders” who made introductions and suggestions around the product. The executive argued that while KSI sold some tokens, the YouTuber “bought a lot more” than he sold.
Bell also directly disputed the allegations, saying KSI did not pump and dump XCAD. Bell wrote that KSI remains an active investor and believer who has “other wallets” and has been one of their “solid” supporters.
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Apart from Bell, a long-time fan who goes by the name Vibhor published a 36-page document defending the YouTuber. According to Vibhor, who admitted that he might be biased toward KSI, the YouTuber only shares whatever he does with his crypto on X and is known for “flipping his mind instantly.” The fan compared KSI with CNBC host Jim Cramer, whose calls may trigger the opposite for assets. Vibhor wrote:
“Whenever he says he is gonna HOLD a crypto, that crypto will go down and whenever he says it is time to sell a crypto, that crypto will go up. There is a meme based on this to do the opposite of whatever KSI is doing. And KSI himself has acknowledged that many times.”
However, crypto investigator Coffeezilla is still not convinced by the argument. In a response video, Coffeezilla said it’s not about being a good or bad caller. The crypto investigator argued that this does not explain KSI trading the opposite of what he says. He added that if Cramer says one thing and trades against it, “that’s a pump and dump” and that “it’s not ethical to do.”
You clearly acted maliciously.
You had 2 MILLION audience reach -> Tweeted that you are buying & holding -> Gets as many of those 2m to buy -> Sells literally on them buying in.
The video is warning to your audience for next time, and that validates creating the video.
— MC (@UtdMicah) February 15, 2024
Meanwhile, one community member believes that KSI — whose real name is Olajide Olayinka Williams Olatunji — acted maliciously, while another thinks that it’s an effect of being friends with Logan Paul, who is embroiled in a class-action lawsuit over a nonfungible token collection.
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