Youtuber Paul “Ice Poseidon” Denino confirmed $750,000 rug pull and refused to return
On Wednesday, American YouTuber and “internet detective” Coffeezillaa published an interview between him and YouTuber Paul “Ice Poseidon” Denino, who’s accused of fraud.
During the interview, Denino confirmed that he made $750k in investors’ funds after carpeting a crypto project called “Cxcoin”.
Scammer Paul “Ice Poseidon” Denino
The story begins last July, when Denino created Cxcoin for streamers and content creators on Binance Smart Chain. Denino then allegedly promoted the coin to his community of followers, telling them that “don’t worry, no rug pull here all the money is locked in a smart contract, my wallets are pinned.” However, Denino abandoned the project just two weeks later, saying:
“It’s pretty simple. Basically, the coin was inactive for a long time; the crypto market is crashing, and obviously, I’m not going to let $300 thousand locked in the liquidity pool go to waste, so I took what wasn’t necessary in there.”
In addition to the above $300k, another $200k from the Cxcoin presale and $250k from the marketing wallet, resulting in a total loss of $750k to investors. Denino returned a small portion of the embezzled funds to smart contracts following public outrage. However, most of the capital has yet to be repaid. He eloquently stated in the interview:
“Yeah, I could give the money back. It is within my power, but I’m gonna look out for myself and not do that.”
Later, when asked by Coffeezillaa about how much money he made from the “scam”, Denino said 55% of the money will go to himself, while 45% go to the developers.
Denino is said to have purchased a Tesla just days after the theft. Since his Twitter account was suspended many users took to Youtube and Discord to express their outrage, with Discord user 3840x2160p#3258 writing:
“He lived off donators’ money his whole grown life pretty much, then his twitch comeback gets denied, and so since his career is stagnant, he decides to scam his fans and investors”.
Ice Poseidon originally rose to fame as a Twitch streamer playing the fantasy MMORPG game Runescape. In 2017, he was permanently banned from the platform on multiple fraud charges.
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