Bubblemaps links X contest winner to approximately $600,000 in profits from meme coin rugpulls

A few hours after winning $1 million in X’s recent article contest, an online user popularly known as Beaver was caught in a blockchain investigation alleging that he profited over $600,000 from launching meme tokens that would instantly collapse.

The allegation comes from blockchain intelligence firm Bubblemaps, who published a detailed thread on February 5, 2026, tracing some on-chain activity to wallets that are allegedly linked to the contest winner, an X user known as Beaver with the handle @beaverd. 

The analysis claimed that those wallets repeatedly launched meme coins majorly through Pump.fun before selling immediately after launch, causing the value to drop near zero.

Did X contest winner launch and rugpull memes? 

Findings from Bubblemaps’ investigation uncovered Solana blockchain explorer data finding multiple “Create Token” actions connected to wallets that allegedly form part of the same cluster connected to Beaver. 

An example involves a token called $SIAS, which surged up to $6 million market cap for a short period before crashing.

Bubblemaps estimated that wallets in this cluster generated approximately $600,000 in profit across multiple meme coin launches. This follows a pattern of repeated instances where tokens would launch, enjoy a short price spike period, before collapsing after holding wallets sold their assets. 

This scheme is known as a “pump and dump”, where fraudsters try to drive a buying frenzy among the public to increase the value of an asset, before “dumping” it by selling their own assets or shares at the increased price.

Pump.fun, originally created as a Solana-based project that simplifies the process of creating tokens, has now become a popular platform for these scams. 

The platform allows anyone to create and launch tokens in minutes, which also contributes to an environment where 97% of meme coins fail in their first year.

Beaver’s response to the allegations

A few hours after Bubblemaps’ thread started gaining traction, @beaverd responded by saying “cry me a river,” even adding that the allegations brought forward were “not even the top 5 greatest hits.” This response did not refute the wallet links, nor the on-chain transactions Bubblemaps released.

This reply sparked even more controversy as parts of the crypto community began to question the ethics of meme coin launches connected to influential creators. 

Most argue that when creators with large followings and some form of “credibility” from winning high-profile contests launch tokens, they hold an unfair advantage over regular investors, which allows them to profit while others are left with crumbs of their investment.

As of now, Beaver has yet to issue a formal statement addressing the specifics of Bubblemaps’ allegations aside from the initial response.

X contest rewards engagement over ethics

The X article contest was announced on January 17, 2026, as part of X’s strategy to encourage high-quality, long-form content on its platform. The contest promised $1 million to the author of the most popular long-form article posted between January 16 and January 28.

However, the selection criteria left a lot to be desired. The criteria used “Verified Home Timeline impressions” as the main metric, which critics believe essentially rewards engagement farming instead of quality content. 

The winning article was titled “Deloitte, a $74 billion cancer metastasized across America,” which dissected data about government contracts with the consulting giant.

While the contest’s guidelines explicitly stated that submissions “must not contain political or religious statements,” NBC News noted that over $2 million in prize money went to users ranging from popular right-wing influencers to anonymous accounts. They also highlighted a history of controversial and racist content from @beaverd’s account history.

These allegations add yet another layer of controversy to an already disputable prize announcement. 

While Elon Musk (X’s owner) has positioned the platform as an avenue for quality content creation and fair monetization, others argue that basing rewards majorly on engagement metrics can incentivize harmful behavior against regular users, whether through controversial/racist content or scams.

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