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Popular YouTuber Seemingly Admits To Stealing $500,000 From Fans In Crypto Scam

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Popular YouTuber Seemingly Admits To Stealing $500,000 From Fans In Crypto Scam

If you thought that your favourite artists and celebrities getting involved with either buying or selling NFTs was frustrating, boy have I got news for you. Streamer Paul Denino, better known as Ice Poseidon, has reportedly scammed his fans out of half a million dollars using a crypto scheme. Someone tell me why investing in these things is ever meant to be a good idea, again?

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Allegedly, the scam saw Denino raise the value of CxCoin, a new cryptocurrency, by encouraging fans to invest in it. As reported by The Gamer, he supposedly promised fans that this was a long-term project, but then proceeded to sell all of his currency, causing the rest of it, owned by other investors (namely many of his fans), to completely crash in value. 

Another YouTuber, who goes by Coffeezilla, posted a video sharing his findings into CxCoin and Denino’s actions. Reportedly, Denino pocketed around $300,000, and $200,000 was used to pay developers.

In a call between the two, Coffeezilla tried to encourage Denino to return the money to his fans, but he was completely shameless: “Yeah, I could give the money back, it is within my power, but I’m going to look out for myself and not do that,” he said.

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Since, Denino has also posted a statement on TwitLonger responding to the situation: “Not everyone lost money on CxCoin, people who bought at a good price towards the beginning, actually made some money,” he wrote. “I warned people before I launched it that it was an extremely risky and volatile thing and to make sure they understand when to buy, if they choose. There were some people who ended up buying fake CxCoins, and I refunded their money out of kindness, I probably spent $10,000 doing that. I know it's not relevant, but I just want to show that my actions on CxCoin were not malicious.” 

Denino was previously permanently banned from Twitch back in 2017, after allegedly organising a hoax with his viewers to have the police called for a bomb threat on an American Airlines flight. 

Featured Image Credit: Kanchanara via Unsplash, Ice Poseidon via YouTube

Topics: Youtube, Twitch, Cryptocurrency

Catherine Lewis
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