Cryptocurrency comes with a unique silver lining that is easily picked on by the multitudes of crypto enthusiasts who sign up for this rather frenzied rollercoaster ride. Despite the ups and downs and deep dive of the graphs, crypto still manages to maintain its popularity which is definitely on the rise these days. However every coin has two sides, and crypto definitely has two days. While incessantly glorifying one, let’s not forget the other side sequinned with uncertainty and risks. And now yet another appalling crypto scam has revealed the ugly side of cryptocurrency wherein a popular YouTuber stole a whopping $500,000 from his fans in a crypto scam. Talk about insane levels of audacity! And as if the stealth wasn’t enough, he went on to use the theft money to treat himself to a Tesla. Read along to know more.
The What and Why
Crypto fraud isn’t a matter of surprise for those associated with cryptocurrency. The development and progress in technology that bolsters the growth of crypto also open a window for those cybercriminals waiting to exploit users. However, this particular scam has left people gasping in surprise because the mastermind behind the fraud is a popular YouTuber and gamer with a multitude of fans and followers. The game streamer, Ice Poseidon, popular on both YouTube and Twitch deemed it right to steal a few million from his unsuspecting followers who blindly believed in his pump and dump scheme. And to add to the overall effect, Poseidon decided to get himself an expensive new Tesla with the money.
The news was initially reported by Kotaku. Ice Poseidon used his popularity and influence among his followers to convince them to take part in a pump and dump scheme. He created the cryptocurrency, CxCoin solely for this purpose. Talk about dedication for the cause! In order to secure the confidence of his followers and convince them, the gamer whose real name is Paul Denino used the same line of argument used by a good majority of crypto enthusiasts when faced with baffling questions, that crypto is a long term investment. Seems like Denino’s followers bought his argument and invested in the pump and dump scheme.
Through the scam, Denino managed to get his hands on a whopping $500,000 of which he paid the developers who helped him with the fraud $200,000, following which he used the remaining money to buy a brand new Tesla. And the cherry on top of the cake, the man didn’t forget to live stream while picking up the car. If you need lessons for extreme levels of insane audacity and total lack of guilt, take notes from Paul Denino. (Mr.Denino also didn’t fail to blame his “over-emotional” followers for the whole fiasco and expressed clearly that he doesn’t intend to return the money.
