On-chain analyst ZachXBT has accused YouTuber KSI of price speculation involving digital assets, including the XCAD token.
Remember when KSI posted
“All of a sudden, my $XCAD bag is looking juicy again. #HodlGang”
Then proceeded to dump $850,000 worth of XCAD over the following days from his wallet address. https://t.co/qAEIRYGTMd pic.twitter.com/Gn6LMybQia
— ZachXBT (@zachxbt) February 13, 2024
He shared screenshots of the YouTuber’s posts on X discussing XCAD, as well as the subsequent movements of funds in his wallet—KSI withdrew tokens worth $850,000. ZachXBT also highlighted optimistic forecasts regarding several other coins, which were followed by the YouTuber offloading them from his balance.
Cryptocurrency researcher Coffeezilla agreed with him, seeing KSI’s actions as a classic Pump and Dump scheme.
Nevertheless, XCAD Network founder Oliver Bell came to the YouTuber’s defense. According to him, KSI remains one of the largest holders of the asset.
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
“KSI sold some XCAD, which he has every right to do. However, he bought much more than he sold,” Bell wrote.
The YouTuber was also supported by a follower who released a full investigation of the situation. He pointed out that KSI never gave investment advice and always spoke only about his personal investments.
“Every time KSI decided to hodl a cryptocurrency, it fell, and it rose when he sold. Among his followers, there is even a meme about this,” the YouTuber’s fan reported.
However, this argument did not convince everyone. Coffeezilla emphasized that KSI always traded contrary to his public forecasts for the coin.
At the time of writing, the price of XCAD stands at $1.56 with a daily increase of 3.3%.
Earlier, ForkLog reported that the owners of 12 wallets earned over $1.3 million from a Pump and Dump scheme with the new meme coin dogwifhat on the Ethereum network.