Ice Poseidon admits to scamming $500k from fans in pump and dump crypto scheme

Source: Ice Poseidon

Update 2/2/2022: Ice Poseidon released a statement on Twitter, once again admitting that he pulled 300k out of the CXCoin project that he never intends to return to token holders, but claiming that it isn't a scam.

Original Article:
Yet another influencer is under fire this week, after Coffeezilla broke a story exposing livestreamer Ice Poseidon for allegedly stealing over $500k from fans through his now abandoned crypto project CXCOIN, a crypto fork that he set up in around 2 weeks.



Not only did Coffeezilla reveal the scheme in his recent video, he also confronted Ice in a call, who openly admitted he has no intention of giving the money back to his fans, saying he will "look out for himself." The crypto scam follows numerous other influencer scams, including the SaveTheKids crypto scandal, which saw multiple members of FaZe clan work together to pump and then dump their own coin last year.



According to the CXcoin website, the purpose of CXcoin was to create a long-term platform to "allow streamers and content creators a safe and easy method of receiving support through Cryptocurrencies along with its auto Buyback system." Ice reportedly claimed repeatedly that the coin would be a long-term play, promising critics and supporters that there is no way he would pull the rug on this project as the money was "locked". 


However, according to Coffeezilla's report on the matter, Ice pulled his support for the project only a few weeks in, taking hundreds of thousands of dollars of the liquidity pool for himself, as well as taking cash out of the presale and marketing wallet, and leaving the token holders with the bill. Since the liquidity pool had been drained, leaving only 40k left.


In CoffeeZillas interview with Ice Poseidon, Ice admitted to draining the money, while laughing. He showed no remorse for his decision to scam his fans, despite all but admitting to carrying out the scam.


"Part of the responsibility is on them as well, for putting too much emotion into it," Ice claimed, in defense of himself scamming his investors. "Sometimes you have to look out for yourself, I don't know how else you want me to put it. . . You could say it in all these different ways to make it sound as horrible as possible, and you know what? I could agree with you on some of those things. I just don't like to put it in those specific ways, because that makes it sound like that was the intention from the start, which it wasn't."


CoffeeZilla repeatedly attempted to get Ice Poseidon to return the money when he confronted him in the call. 


"If you want the answer, yeah I could give the money back, it is within my power, but I am going to look out for myself and not do that," Ice replied, confirming that he is aware he is scamming people and just doesn't care. Despite getting caught red-handed, he chose to keep the money, continuing the blame his fans for holding the coin in the first place.


According to Ice, he made around $300k personally from the scam, with the remaining $200k going to his developers. 


"When you don't have law enforcement consequences for what is essentially theft and fraud, you end up with people like Ice Poseidon realizing they can do the same, without consequence," CoffeeZilla concluded in his video on the subject. "Sam Pepper scammed people [with SaveTheKids], but because he did it without going to jail he is 'successful' he 'got away with it.' That is how these people think. So is it any wonder when Ice Poseidon is also caught stealing money, his response is 'oh well, I am just going to look out for number one, it's their fault for getting scammed, they shouldn't have believed me.'"


In the end, Ice DMed CoffeeZilla following their call, claiming he would give back 200k to the token holders, which represented only a fraction of the total he took. Ultimately, however, he reportedly only returned around 40k to the token holders, keeping the rest for himself and his developers. According to CoffeeZilla's report, Ice took an estimated 200k from the presale, 250k of the marketing money, and 300k from the liquidity pool, so 40k is not anywhere near the amount he and his team took out.


CoffeeZilla concluded his report by calling on people scammed by Ice Poseidon to report it to the Internet Crime Complain Center IC3, which is an FBI website for internet criminal activity. While there have been very few legal consequences for influencers engaged in this kind of scam over the past couple of years, with enough attention perhaps there will be legal consequences in the future.

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