- ZachXBT accuses Lark Davis of “pumping-and-dumping.”
- The on-chain sleuth suspects Davis profited with over $1.2 million by selling tokens from new crypto projects.
- Davis claims to be innocent; the amount of token sold is nowhere near pump and dump, claims Davis.
ZachXBT (Zach), a pseudonymous on-chain sleuth on Twitter, alleged Lark Davis, a crypto influencer of shilling “low cap projects” to his audience “just to dump them shortly after”. Nonetheless, Davis refuted Zach’s claim and pledged that he was innocent.
Zach posted a 17-part thread, highlighting eight examples of what is suspected to be Davis’ crypto wallet receiving tokens from new crypto projects, after which Davis promoted them through tweets and videos and ended up selling.
As per the thread posted by Zach on Sept. 29, Zach suspects that Davis profited with over $1.2 million through selling tokens from crypto projects which he was allegedly paid to promote. Moreover, according to the thread, the largest gain to Davis came from receiving 120,000 SHOPX tokens and selling them for $435,000.
5/ Example 2: $DOWS
a) Mar 1, 2021 at 4:23 pm UTC Lark receives 96k tokens
b) Mar 1, 2021 at 10:42 pm UTC Lark Tweets about the project launching in 16 hours
c) At launch Lark dumps 24k DOWS for over $56k USD.DOWS has since been abandoned by the team since Dec 2021. https://t.co/n0SezTHSLn pic.twitter.com/rehSpTDMdw
— ZachXBT (@zachxbt) September 29, 2022
The pseudonymous sleuth who is no stranger to investigating crypto influencers, stated that Davis managed to dump with size on low-cap projects time after time. Furthermore, while reminiscing the investigations and the fraudulent amount it has dealt with in the past, Zach stated that the alleged amount was “never at this magnitude.” referring to what Davis could have received feloniously.
However, referring to the amounts he sold, Davis stated:
[the amount was] nowhere near enough to dump the price [of the token]
Moreover, late on Sept. 29, Davis called the allegations made by Zach “ridiculous” and provided a response to each example Zach alleged he profited from.
To be clear, I always disclose on YT when I am invested in a token sale. I also shared these opportunities with my followers and subscribers well before the launch. (I shared them in pre-launch stage, the same time I purchased the tokens)
— Lark Davis (@TheCryptoLark) September 29, 2022
Davis stood his ground saying that he always discloses information on his Youtube channel of 485,000 subscribers and shared with his followers “well before the launch”.
He also claimed that he was a strong follower of the investing strategy he teaches. The strategy teaches the practice of selling the tokens upon launch, which he claims is a common investing practice for token sales.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
