A YOUTUBE star allegedly defrauded fans from $500,000 in what was described as a ‘pump and sell’ crypto scheme.
Paul Denino, who is also known as “Ice Poseidon,” apparently received half a million dollars from fans in a crypto scam uncovered by YouTuber Coffeezilla, Gamer reported earlier this week.
The 27-year-old American Internet personality allegedly asked his YouTube fans to invest in a new cryptocurrency called ‘CXcoin’, which he claims will be a long-term project.
However, after the cryptocurrency rallied just two weeks later, Denino allegedly sold all of his holdings for a profit, causing the remaining CXcoins held by fans to decrease in value.
Denino is said to have walked away with $300,000 and a new Tesla, and has given $200,000 to the developers, according to Coffeezillaa Youtuber who specializes in investigating fraudsters.
The self-proclaimed “internet detective” shared a 23 minute long video discussed the plan, as well as some excerpts of the conversation he had with Denino.
When confronted about the scam on a call with Coffezilla, Denino said that “sometimes you have to figure it out for yourself” and that “part of the blame lies with [the fans] as well as for putting so much emotion into it. “
At one point in the interview, Coffeezilla said that Denino could return the money if he wanted to, to which Denino replied, “if you want the answer, yes, I can return the money, it’s within the realm of possibility. but I would look out for myself and not do that.
Coffeezilla shared on Twitter topic that after learning this story, Denino said he would return the $155,000, but that has yet to be confirmed.
“After realizing a story would be initiated: Ice told me he would ‘return $155K’, a fraction of what he took. Yet again he was. lied, because so far — only K$40 has been returned to the liquidity pool,” Coffeezilla tweeted.
This is not the first time Denino has faced controversy.
In 2017, the streamer was banned on the Amazon-owned Twitch platform for a hoax that bombed publicity on an airplane.
Since then, Denino has streamed regularly on YouTube.
The Sun has reached out to Denino for comment but has not received a response at the time this article was published.
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https://www.thesun.co.uk/tech/17538100/youtube-star-steals-cryptocurrency/ YouTube star ‘steals’ $500,000 from fans in crypto and refuses to give it back