After on-chain crypto researcher ZachXBT alleged that influencer Lark Davis engaged in shilling tokens, the latter has denied the claims in a Twitter statement.
Davis argued that the allegations revolve around token sales and he simply sold the tokens at their launch as part of a ‘common investing practice’. He further said, “I am not a ‘whale’ in these projects. The amounts I sold are nowhere near enough to dump the price.”
In response, ZachXBT underlined that dumping a six-figure amount is enough for a micro-cap project to react aggressively.
ZachXBT notes 8 incidents of shilling
In his Sept. 29 post, ZachXBT claimed that Davis pocketed over $1.2 million through eight different token launches. However, Davis hit back saying, “There is also nothing wrong with selling and making money. As I frequently say, take profits. When a coin is up big time cash out.”
ZachXBT revealed that he found the wallet addresses of the influencer through his donation link and NFT posts, adding that he promoted low-cap projects only to profit from the dump. Noting the first case from February 2021, ZachXBT remarked that Davis promoted Umbrella Network $UMB at its launch and dumped all of the 62.5k UMB received for over $136,000 in the next few hours.
Meanwhile, Davis has refuted the claims by saying he maintained transparency in his dealing. He said, “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 the pre-launch stage, the same time I purchased the tokens)”
1/ An investigation
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