Ice Poseidon steals $500,000 from fans in crypto scam

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Ice Poseidon – real name Paul Denino – a streamer and internet personality has apparently scammed fans out of half a million dollars in a pump and dump encryption scheme. He showed no remorse for the alleged theft when confronted by YouTuber Coffeezilla.

Denino’s alleged scam saw him boost the value of a new cryptocurrency, CXcoin, by tricking fans into investing. He reportedly promised doubters and skeptics that it was a long-term project, but he sold all of his currency, causing the value of the rest held by fans and investors to plummet. This is called a pump and dump pattern.

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A recent Coffeezilla video shares the Youtuber’s findings in CXcoin. According to Coffeezilla, Denino personally earned over $300,000, while $200,000 was used to pay the developers.

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During a call between the two, Denino seems remorseless, saying: “Part of the responsibility lies with them. [the fans] so, for putting too much emotion into it.” Streamers and internet personalities can obviously leverage their relationship with their fans, just like any celebrity, so it’s dishonest to then criticize fans for their engagement. in parasocial dynamics.

Denino said on the call, “Sometimes you have to be careful of yourself.” Coffeezilla said he could return the money if he wanted, to which Denino replied, “If you want the answer, yes I could return the money, that’s in my power, but I will pay attention to myself and not do this.”

Coffeezilla shared a tweet claiming Denino would return $155,000 after realizing Coffeezilla would post about the events, but apparently only $40,000 has been returned so far.

Coffeezilla also revealed the crypto scam of former FaZe clan member Frazier Khattri in July 2021. The incident resulted in the suspension of three members and the removal of Khattri from the organization. He has since issued an apology and claimed he wanted to return the stolen money, but not before he first threatened to sue Coffeezilla over the video exposure.

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About the author Issy van der Velde (407 articles published)

Issy is an avid film buff, writer and gamer based in the UK. He combines his love of film and games in his writing, trying to find as many connections between the two mediums as possible. When he’s not writing, playing or watching, Issy loves DJing and tending to his growing collection of houseplants because they make him feel more grown up.

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