American YouTuber and “internet detective” Coffeezillaa published an interview that took place between him and YouTuber Paul “Ice Poseidon” Denino, who was accused of fraud. During the interview, Denino confirmed that he performed a “rug pull”, an example of fraud, on an altcoin project called “Cxcoin” and earned $750,000 from investors’ funds. As Kriptokoin.com, we convey the details…
Rug pull confirmed on BSC-based altcoin project
The story began in July with Denino’s Binance Smart Chain (BSC) Cxcoin created for publishers and content creators. Denino introduced the coin to his followers and said, “don’t worry, there is no rug pull here, all the money is locked in a smart contract, my wallets are stable.” However, Denino stated that they gave up on the project after only two weeks:
It’s pretty simple. Basically, the coin was dormant for a long time; The crypto market is crashing, and frankly, I won’t let the $300,000 locked in the liquidity pool go to waste, so I bought the non-essential coins in the wallet.
Investors lost a total of 750 thousand dollars
In addition to the above $300,000, $200,000 was withdrawn from the Cxcoin pre-sale and another $250,000 from the marketing wallet, resulting in a total loss of $750k to investors. Denino returned a small portion of embezzled funds to smart contracts following public outrage. However, most of the capital has not yet been paid back. He used the following statements in the interview:
Yes, I can give the money back. It’s within my power, but I’ll take care of myself and I won’t.
CxCoin 24-hour chartWhen later asked by Coffeezillaa how much money he made from the “scam”, Denino replied that 55 percent of the money would go to him and 45 percent to the developers. It is said that Denino bought a Tesla a few days after this event. Ice Poseidon initially rose to fame as a Twitch streamer playing the MMORPG game Runescape. In 2017, he was banned from streaming on Twitch on multiple fraud charges. As seen in the chart above, in the last situation, CxCoin dropped from $0.000000002503 to $0.000000002141.
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