Crypto influencer Lark Davis is once again under fire as crypto sleuth ZachXBT reveals the former took out $2.5 million from Celsius Network before the company declared bankruptcy.
A few days back, ZachXBT accused Lark Davis of pump-and-dump and alleged that Lark was shilling eight tokens including $SHOPX, $BMI, $BLES, $UMB, $DOWS, $PMON, $XED, and $APY.
ZachXBT’s claims are primarily based on an extensive financial report that Celsius issued as part of its bankruptcy court case, and in the report, all Celsius users’ names and their transactions are listed.
Davis allegedly began withdrawing funds after he likely received insider information about the company’s pending demise.
The financial report did cause some commotion in the community as it was revealed Celsius co-founder Alex Mashinsky withdrew $10mn ahead of the bankruptcy filing.
Approximately $8 million of the withdrawn assets were used to pay income taxes on the yield generated by the assets, with the remaining $2 million made up of the platform’s native token CEL utilized for estate planning.
Lark Davis has still not responded to ZachXBT’s latest allegations. Last time he did respond by saying he doesn’t get paid for any promotion of these projects even when he is offered “truckloads of money daily to do so”.