Beaverd, the $1M winner of the X Creators contest, is accused of scam activities involving rug pulls totaling over $600,000.
The recent winner of the $1 million X Creators contest, known as beaverd, faces allegations of fraudulent activity according to research from Bubblemaps.
Beaverd's public wallet is reportedly connected to multiple rug pulls, generating over $600,000 through dubious memecoin trading practices. Analysts highlighted that the user won the contest for an article discussing a prominent U.S. consulting firm's influence on government procurement processes.
Bubblemaps traced various coins tied to beaverd, including SIAS, which saw its market cap swell to $6 million before collapsing. The user and three associated wallets acquired SIAS at launch, later selling off their holdings for substantial profit.
"Despite never promoting SIAS publicly, he transferred tokens from his wallet for an additional profit of $25,000," noted Bubblemaps.
This incident is not an isolated one; beaverd has launched numerous tokens that have since lost all value, including projects with controversial names. Analysts emphasize that his activities in the crypto space raise significant red flags regarding his credibility.
In a response to the allegations, beaverd downplayed the accusations on social media, claiming, "Cry all you want. This isn't even in my top 5 hits." This assertion has drawn further scrutiny from the crypto community.
These developments remind the community of other recent scandals, including accusations against former NYC Mayor Eric Adams regarding the NYC Token collapse earlier this year.
