Davis maintained that he follows the same investing strategy that he teaches about selling the tokens upon launch.
On-chain sleuth ZachXBT strikes again. This time, he has leveled some serious allegations against popular crypto influencer Lark Davis. The latter, on the other hand, claims that he didn’t do anything wrong.
The first instance dates back to February 2021, when an address linked to Davis received 62,500 UMB tokens right after its promotion. The wallet dumped them almost immediately after the promotion, churning a profit of $136,000. ZachXBT found a similar pattern for DOWS tokens as well, wherein Davis is said to have earned $56,000 after dumping the assets he endorsed just hours earlier.
“Lark claims he doesn’t get paid but ask yourself what value might he possibly add to these launchpad projects besides shilling it to his followers? His compensation is being able to get large allocations for projects with awful tokenomics that he can dump in a shady manner.”Davis addressed the allegations and said he sold the tokens when they launched, adding that it is a common “investing practice for token sales.
Pump-and-dump schemes have long plagued the space, and celebrities such as Mayweather and Kim Kardashian have found themselves embroiled in lawsuits as a result.
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