Cryptocurrency

Lark Davis denies ZachXBT’s accusations of profiteering from his followers by shilling low-cap tokens

Zegex

In a 19-time Twitter post, crypto influencer Lark Davis has denied accusations that his followers are “pumping and dumping” low-cap cryptocurrency projects. It was published September 30.

The tweet came shortly after on-chain detective ZachXBT claimed that Davis had made over $1.2 million in profits through cryptocurrency shillings. This is backed up by eight instances in which Davis did not disclose that he was promoting a new cryptocurrency project and was paid for it.

The tweet also indicated that Davis’ wallet was receiving tokens after promoting these projects to his audience. Davis is said to have created a hype around the token and sold it shortly after it pushed up the price of the token.

In a Twitter thread, Davis refuted the accusations. First, he said he would always disclose when he invested in tokens and justify selling them to make a profit.

He explained that in the pre-launch stage, they will always share tokens and buy tokens at the same time, giving viewers the opportunity to get the same investment opportunities as they do for themselves. He added that since he is not a “whale,” the amount he sold is not enough to throw in the price of the token.

He went through the examples listed by ZachXBT one by one and said that the tokens he promoted and bought helped investors make money and believed in the potential of these tokens. He also said he lost about 50% of his investment in the BMI token, and attributed the drop in price of his token to APY’s team’s failure to “deliver on time.”

He stressed that he had “done nothing wrong” and presented a token sale opportunity before the token was launched. He also wrote that he understands that finding scapegoats to blame in a bear market is easy.

Towards the end of his Twitter thread, he thanked his subscribers and confirmed that he will continue his mission of helping them grow their crypto assets.

He ended the post with a thread that read, “What you do with my opinion is entirely up to you.”

The Twitter community is divided between supporting Davis and criticizing him for pumping and dumping the tokens he promoted.

Twitter user @PoliticoPup suggested that the U.S. Securities and Exchange Commission be consulted and demanded Davis provide financial proof before and after the “shilling to his followers.” Reflects most of the comments on the claims.

ZachXBT also retaliated against Davis’ defense, pointing out how Davis dumped six-figure tokens on low-cap crypto projects after “aggressively shilling”. Davis added that he deflected blame on the bear market and his APY team for his actions while generating significant profits from promoting the token.

Blockchain investigators concluded by cautioning the public against relying on crypto influencers who simply want to financially exploit their audience for investment guidance.

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