Popular crypto sleuth ZachXBT, has alleged that Crypto influencer, Lark Davis is involved in pumping low-capital crypto projects and dumping them and made over $1 million.
ZachXBT alleged that Lark was shilling eight tokens including $SHOPX, $BMI, $BLES, $UMB, $DOWS, $PMON, $XED, and $APY.
The first instance was in February 2021, when he began promoting $UMB. ZachXBT further revealed that an address connected to Lark had received 62,500 UMB tokens and then dumped them right after promoting it, making a profit of $136,000.
Lark allegedly repeated it for $DOWS on March 1, making $56,000 after dumping the tokens he promoted some hours ago.
For other cases too, he promoted the tokens right after they launched and then sold off some of the coins he received for the promotion.
Crypto sleuth, ZachXBT pointed out a common theme is that launchpad projects are awful tokenomics. Hence, a ton of them slipped to zero before the bear market even began. ZachXBT also added that no ‘decent VCs really ever touch them’.
ZachXBT revealed that the crypto influencer’s main wallet did not show the doubled position of Larks’ $BMI token about which Larks had tweeted.
ZachXBT added that it is no crime for an influencer to talk about projects they like and participate in seed rounds but this must be done in a transparent manner.
On the allegations made by ZachBXT, Lark came up with the justification on his Twitter account that he doesn’t get paid for any promotion of these projects even when he is offered “truck loads of money daily to do so.”
Lark tweeted that he will continue to share the opportunities in this space as he finds them. Lark commented, “My mission as always is to help you grow your wealth from crypto and I will continue to share content to help you achieve that.”
Lark concluded that what one chooses to do with his opinions is completely up to them.
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