X Contest Winner Linked to Rug Pulls
A high-profile winner of a contest on the social media platform X is now suspected of being a serial rug puller. The accusation has heightened community vigilance and reinforces the need for skepticism towards projects promoted by newly prominent or unvetted influencers.
- The winner of the $1 million X Creators contest is a user known as "beaverd". - On-chain analytics firm Bubblemaps alleged that a wallet connected to beaverd profited approximately $600,000 from pump-and-dump schemes involving Solana memecoins. - One specific token named in the allegations is SIAS, which was launched on Pump.fun, surged to a $6 million market capitalization, and then crashed to zero. - Four wallets reportedly linked to beaverd purchased SIAS at its launch and sold off their holdings for a collective profit of $600,000. - Bubblemaps claims that beaverd has been launching dozens of memecoins over the past year that have ultimately become worthless, including tokens named PISS, EGG, and RACISM. - When confronted with the allegations on X, beaverd reportedly responded, "Cry all you want. And this isn't even in my top 5 hits." - The winning article that earned beaverd the $1 million prize was an investigation into government contracts awarded to the consulting firm Deloitte. - The controversy has sparked a debate within the crypto community regarding the ethics of launching memecoins without direct public promotion, with some defending the actions as a form of high-risk trading rather than fraud.
