Popular YouTuber Ice Poseidon Stole $500,000 from Fans in Crypto Scheme

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Key Takeaways:

  • The well-known streamer Ice Poseidon has managed to steal a large amount of US $500,000 from his fans.
  • He did this by convincing them to invest in CxCoin.
  • CxCoin is a cryptocurrency that he reportedly created solely for his pump and dump scheme.
  • He has used the US $200,000 to pay the developers who helped him in organising the scheme.

A popular game streamer known from Twitch and YouTube has reportedly scammed his fans in a visible crypto fraud. First, he scammed his fans out of half a million dollars by creating his cryptocurrency and employing a simple pump and dump scheme. Then, instead of returning the money, he decided to buy himself an expensive new Tesla.

Cryptocurrency scams are undoubtedly on the rise. In November, we have reported that cryptocurrency fraudsters made $9 Million through fraudulent YouTube Live Streams. At the same time, many of these suspicious activities are conducted by anonymous fraudsters. One more famous YouTuber has now reportedly joined their ranks and promptly used the stolen money to buy a new Tesla.

According to a report by Kotaku, the well-known streamer name was Paul Denino. His YouTube channel name is Ice Poseidon. He has managed to steal a large amount of US $500,000 from his fans. He did this by convincing them to invest in CxCoin. CxCoin is a cryptocurrency that he reportedly created solely for his pump and dump scheme. After he reassured his fans that this would be a long-term investment, the streamer pulled the rug, which caused the CxCoin cryptocurrency to drop to a value of basically nothing.

He has used the US $200,000 to pay the developers who helped him organise the scheme. He reportedly used some of the remaining US $300,000 to treat himself with a brand-new Tesla. He ironically even live-streamed on YouTube when he picked up the car last summer. When he was confronted with these allegations by another YouTuber, he admitted to the cryptocurrency scam. Still, he quickly tried to blame his over-emotional fans while insisting that he would keep most of the money to himself, even though he technically could return all of it to the victims.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

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