Ice Poseidon denies claims he stole $300k from fans in CXCoin crypto launch

Brad Norton
Ice Poseidon on Instagram

Controversial streamer Paul ‘Ice Poseidon’ Denino has issued another response to recent CXCoin cryptocurrency drama, denying accusations that he directly “stole or scammed” from upwards of $300,000 from his fans.

Crypto-fuelled drama hasn’t slowed down one bit in the new year. After a year where many of the internet’s biggest stars were linked to various scandals, some of which ended up tarnishing careers, the trend has continued in 2022.

The latest controversy saw divisive content creator Ice Poseidon confronted by popular YouTube investigator Coffezilla. Ice Poseidon was exposed for promoting a “long-term” project known as CXCoin. Before long, he openly admitted to “taking $500,000+ from his fans” through the crypto project.

“Yeah I could give the money back,” he said in a February 1 response. “But I’m going to look after myself and not do that.”

In light of the backlash that followed, he has since released another statement denying any such claims that fans were “scammed.”

Before diving into the exact figures, Ice Poseidon first looked to address his role in marketing CXCoin. “I did not advertise CXCoin to my casual fans,” he explained.

The streamer argued he “only advertised it to people in the ‘cryptosphere,’” not outsiders that would be “extremely vulnerable to a highly volatile market.”

After temporarily pushing the product, Ice Poseidon then took out “a portion” of his investment, nearly $300,000. At the time, he claimed this was simply the right thing to do.

“There [weren’t] many ‘real’ holders or much money invested in the token by that point,” he said. As a result, he believes “it was completely unnecessary” to sit on that amount of the cryptocurrency.

“The money was at risk of getting devalued.”

Despite admitting he pulled money out and later refused to give any back, Ice Poseidon remained adamant no fans were ripped off.

“No money was ‘stolen’ or ‘scammed.’ That is very misleading as people have always been able to sell and there’s still enough money to back those sales up.”

“I did make $300,000,” he reiterated, “but it was not at the expense of any fans or holders.”

He also claimed he refunded around $10,000 of cryptocurrency to those “who ended up buying fake CXCoins”.

“I know it’s not relevant, but I just want to show that my actions on CXCoin were not malicious. At all times, I will guarantee every CXCoin holder to be able to sell their tokens if they wish to.”

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About The Author

Brad Norton is the Australian Managing Editor at Dexerto. He graduated from Swinburne University with a Bachelor’s degree in journalism and has been working full-time in the field for the past six years at the likes of Gamurs Group and now Dexerto. He loves all things single-player gaming (with Uncharted a personal favorite) but has a history on the competitive side having previously run Oceanic esports org Mindfreak. You can contact Brad at brad.norton@dexerto.com