YouTuber and streamer iShowSpeed has apologized to his fans after he was labeled a scammer for promoting a cryptocurrency created by London-based company The Paradox Metaverse.
Speed went live today to play soccer with some friends while in London, but his chat was full of fans calling him a scammer. At the start of the stream, Speed addressed the comments and apologized for promoting a cryptocurrency that many fans have accused of running an alleged rug-pull crypto scam.
“I do so much stuff for y’all, I made a mistake. I’m not that smart, I’ma be honest,” he said. “I made a mistake that I wish I never did but I’m not a scammer.”
The cryptocurrency that the 17-year-old promoted to his fans is available via Paradox Coins, which can be acquired from The Paradox Metaverse video game. If the player has purchased the NFTs to go alongside the game, they will earn the cryptocurrency for completing missions.
The cryptocurrency has been dubbed an alleged rug-pull scam, which refers to the inflation of a coin just for the owners to shut down the coin or disappear from the project entirely, taking the investment money with them.
Those playing the game who earn the coin will hope it rises in value to eventually make more money in return. But if the coin fails or loses value, the price of the coin will continue to depreciate and will make a loss on return for investors.
YouTuber Coffeezilla, who exposes “scams, fraudsters, and fake gurus,” according to his bio, is set to make a video criticizing The Paradox Metaverse today.
