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Paul "Ice Poseidon" Denino has seemingly denied all accusations of scamming his fans after being accused of the same in a cryptocurrency-related incident.
While the situation regarding the currency had already generated unrest, the anger ramped up after Denino hopped on a call with content creator Coffeezilla and admitted to not wanting to return the $500,000 he took from fans.
"I warned people before I launched it that it was an extremely risky and volatile thing and to make sure they understand when to buy, if they choose."
Ice Poseidon denies claims of scamming people out of $500,000
After staying silent on the waves of criticism he was facing, Paul Denino has finally spoken up about the failure of his cryptocurrency project, CxCoin, and the money that fans had invested into it (amounting to around $500,000).
According to Ice Poseidon (as stated in the TwitLonger post), he clarified he only advertised it to those who were knowledgeable about cryptocurrency as a whole and not to those who were casual fans and easily impressionable.
He insisted that it wasn't a "rug pull" or a scam, stating that he did make $300,000 from the whole venture, but "not at the expense of any fans or holders." In between, he explained some of the technicalities and thought-process behind his actions:
"Also, when I took a portion of the LP, (nearly $300,000) there wasn't many "real" holders or much money invested in the token by that point. Top holder has 15 bnb worth of tokens, and holder #50 has 0.6 bnb worth of tokens."
"It was completely unnecessary to have $400,000 in the LP ($264k in LP, 150k in buyback function) and the money was at risk of getting devalued due to the crypto markets dropping. So I took some of the LP ($250k or so) and used the buyback function to put $80k into the LP, with 100k still in the buyback function that also goes to the LP."
Ice Poseidon's CxCoin project is effectively dead, with the YouTuber pulling the plug just a few weeks after it went live despite having promised many that it would be a long-term project. Several have pointed out how he secured $300,000 leaving the project, while his investors have not had the same pleasure.
While general unrest had been shown towards the project, matters took a turn for the worse after Coffeezilla recently interviewed Denino and shone a light on the apparent reality of CxCoin. A particular clip from his video gained traction (Timestamp: 0:01) where Denino admitted,
"Yeah, I could give the money back. It is within my power, but I'm going to look out for myself and not do that."
Coffeezilla posted a follow up to the story, showing that the $155,000 Ice Poseidon allegedly promised to return has not been given back yet.
Viewers react to Ice Poseidon's clarification regarding the alleged $500,000 CxCoin scam
Those who responded to Denino's tweet were overwhelmingly on the side against him, calling him out for allegedly attempting to take the heat off of himself.
Denino has yet to directly address the video uploaded by Coffeezilla explaining the entire scheme.
However, in his original tweet, he stated he would not be making any further comment on the situation. Denino continues to insist that what he did was not a scam, while others attempt to hit back at his claims.
