ZachXBT claims crypto influencer Lark Davis made over $1 million dumping crypto projects
Self-proclaimed on-chain scout ZachXBT alleged that popular crypto influencer Lark Davis made over $1 million promoting low-capital crypto projects and dumping them on his followers in a Twitter thread on September 29.
1/ An investigation of how crypto influencers @thecryptolark promoting low cap projects to their audience only to dump them shortly after.
Let’s dive in. pic.twitter.com/gzTuGHNdvv
— ZachXBT (@zachxbt) 29 September 2022
ZachXBT cited eight instances where Lark promoted low-capital projects before dumping them on unsuspecting members of his community.
The first case was in February 2021, when he promoted $UMB. According to ZachXBT, an address associated with Lark had received 62,500 UMB tokens and then dumped them almost immediately after his campaign, making a profit of $136,000.
Lark reportedly repeated this format for $DOWS on March 1st, earning $56,000 after dumping the tokens he was promoting hours earlier.
Lark allegedly shilled other tokens including $SHOPX, $BMI, $PMON, $XED and $APY. In all these cases, he promoted the tokens immediately after they were launched, and then sold the portion of the tokens he received for the promotion.
10/ On 9 November 2021, Lark tweeted that he doubled his position in BMI.
While it is entirely possible that he has an alt wallet from the main wallet, it is clear that he did not double the position from the main wallet.
(unfortunately can’t ask him since he blocked me months ago) pic.twitter.com/aTivN16rgd
— ZachXBT (@zachxbt) 29 September 2022
In Lark’s campaign for $BMI, he tweeted that he had doubled his position in the token, but ZachXBT revealed that the crypto influencer’s main wallet did not show that he had done as he said.
Meanwhile, Lark constantly claimed that he is not paid for the promotion of these projects despite being offered “truckloads of money daily to do so”.
ZachXBT also pointed out that all the projects Lark promoted had poor tokenomics. According to him, this is why they “went to zero before the bear market even started. No decent VCs ever touch them either.”
Lark Davis did not respond to CryptoSlate’s request for comment by press time.
The encryption man added that there is no crime for an influencer to participate in seed rounds or talk about projects they liked as long as this is done in a transparent way.
Lark isn’t the first crypto influencer ZachXBT had investigated and accused of dumping his followers. Earlier this year, crypto investigator Logan accused Paul of promoting multiple pump and dump schemes.
Popular crypto YouTuber Ben Armstrong, also known as BitBoy Crypto, was recently accused of having his followers dumped by fellow YouTuber Atozy. BitBoy filed a defamation lawsuit against the accuser, but later dropped the case after pressure from the crypto community.
