Olajide Olayinka Williams Olantuji, also known as KSI, boasts a substantial following of 24 million subscribers and frequently promotes various crypto projects.
According to Zach XBT, the blogger attempts to persuade users to invest in different projects. Once the price of the coins rises, KSI allegedly sells them, despite publicly claiming that he will continue managing the assets.
As evidence, Zach XBT points to the XCAD Network project. Shortly after KSI’s endorsement of the potentially-profitable investment in XCAD tokens, he supposedly sold the coins for a total of $850,000.
Coffeezilla, another expert in the field, echoes similar accusations against the blogger. In his view, KSI deliberately deceives his audience through a pump-and-dump scheme.
However, KSI has refuted these claims from Zach XBT and Coffeezilla, arguing that his limited understanding of the cryptocurrency industry means his actions may not always appear coherent.
Notably, gold investment advocate Peter Schiff previously likened the current surge in cryptocurrencies to a classic pump and dump scheme, urging investors not to succumb to the hype.