Bitcoin blogger Lark Davis accused of participating in Pump & Dump schemes

The researcher under the handle ZachXBT created a thread on Twitter in which he accused crypto investor and blogger Lark Davis of repeated involvement in Pump & Dump schemes.

The author of the thread cited eight examples of how tokens from new low-capitalization crypto projects were sent to Davis’s wallet (the address was publicly available). After promotional posts were published, the blogger sold the coins he received. According to ZachXBT, Davis earned more than $1.2 million in this manner.

In a comment to Cointelegraph, the researcher said that he was prompted to take a closer look at the influencer’s persona by inquiries from people who had lost money on projects he promoted.

According to ZachXBT, Davis’s largest profit came from the NFT service SHOPX, which allocated him 120,000 tokens. After the tweet promoting the platform was published, the blogger, according to the researcher, sold the tokens, earning $435,000.

“Participating in seed rounds and sharing genuinely good projects is perfectly normal if done transparently. But this is not Lark’s case – he dumps his portfolio right after advertising on YouTube or Twitter,” added ZachXBT.

Davis called the allegations “ridiculous” and commented on each example provided.

“I paid for all the coins I received, and got nothing for free,” the blogger wrote.

He stated that selling tokens after a project’s launch is “a common investment practice” and his followers have always received up-to-date information via social media.

Davis also added that he was not a “whale” in any of the startups, so the number of coins he sold was clearly insufficient to crash their price.  

Earlier ForkLog reported that the SEC accused YouTube blogger Yana Balina of involvement in an unregistered ICO Sparkster.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, rates and analysis.