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Blockchain researcher known by the pseudonym ZachXBT accused crypto influencer Lark Davis of implementing schemes to pump and dump the price of shitcoins.
ZachXBT talked about how Lark manipulated the value of cryptocurrencies with eight examples. Specifically, on February 9, 2021, Davis received 62,500 Umbrella Network (UMB) tokens, allegedly as payment for advertising coins. He published a post about the release of digital assets and sold them within hours, earning over $136,000.
According to ZachXBT, Lark acted similarly with Shadows (DOWS), SHOPX (SHOPX), Blind Boxes (BLES), Polychain Monsters (PMON), Bridge Mutual (BMI), Exeedme (XED), and APY.Finance (APY) virtual currencies. . The trader’s total income from the sale of these assets exceeded $1.2 million.
Davis disagreed with the allegations. He stated that in all the cases listed by ZachXBT, he was buying the coins and not getting them for free from the developers. In addition, Davis allegedly reported that he invested in these digital assets.
The catch is that he did not talk about it in promotional publications. For example, about the Umbrella Network, Lark wrote: “Wow! UMB price skyrocketed after listing! The market is in a frenzy right now.”
Davis tweet about Umbrella Network
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