The XCAD Network founder Oliver Bell defended Youtuber KSI after the content creator was accused of performing a pump-and-dump scam with several of his digital asset tokens, including XCAD.
In an X post, Bell noted that KSI – whose real name is Olajide Olayinka Williams Olatunji – had been one of XCAD’s “biggest value adders.”
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
“In fact he has bought a lot more XCAD than sold,” Bell said in his post. “KSI did not ‘Pump & Dump’ XCAD.”
Bell stated that KSI continues to be an investor of XCAD, while maintaining “other wallets” and being a “solid” supporter of the token.
KSI’s Pump and Dump Allegations
On February 14, blockchain sleuth ZachXBT uploaded screenshots of KSI’s X account, in which the YouTuber posted that he had made investments into XCAD before selling $850,000 worth of the token shortly after.
The crypto investigator shared additional instances of KSI discussing various tokens and then liquidating the assets. Another crypto analyst, Coffeezilla, noted KSI’s actions as a “classic pump and dump.”
Coffeezilla emphasized that the concern is not about being a good or bad caller. The crypto analyst argued that KSI’s actions, trading against his statements, resemble a “pump and dump” and asserted that such behavior is ethically questionable.
Coffeezilla said that if CNBC host Jim Cramer makes statements and then trades against them, it qualifies as a “pump and dump.”
Fan Defends KSI
A dedicated supporter named Vibhor has also released a 36-page document in defense of the YouTuber. While acknowledging his potential bias towards KSI, Vibhor claimed that the YouTuber exclusively discloses his crypto activities on platform X and is known for “flipping his mind instantly.”
The fan drew a parallel between KSI and Cramer, noting that, like Cramer, KSI’s actions in the crypto space might have contrasting effects on assets.
“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,” Vibhor said. “There is a meme based on this to do the opposite of whatever KSI is doing. And KSI himself has acknowledged that many times.”
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