X's $1M Contest Winner Accused of $600K Meme Coin Rugpulls

Edgen Crypto

·Feb 10 2026, 23:21

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Key Takeaways

Blockchain analytics firm Bubblemaps has implicated the recent winner of a $1 million contest on platform X, an online user known as 'Beaver', in a series of meme coin scams. The investigation alleges the user profited approximately $600,000 by launching tokens designed to collapse shortly after attracting investment, highlighting significant risks within the unregulated meme coin sector.

Direct Accusation: Blockchain investigator Bubblemaps alleged on February 10, 2026, that user 'Beaver' orchestrated multiple meme coin rugpulls.
Illicit Profits: The scams reportedly generated approximately $600,000 in profit for the user by liquidating token positions after launch.
High-Profile Link: The allegations surfaced just hours after 'Beaver' was publicly announced as the winner of a $1 million article contest hosted by social media platform X.

Bubblemaps Links Contest Winner to $600,000 Profit

A blockchain investigation published on February 10, 2026, alleges that the winner of a $1 million contest on platform X profited from a series of meme coin rugpulls. The analysis from on-chain intelligence firm Bubblemaps identified a user known as 'Beaver' as the central figure, claiming they extracted approximately $600,000 by launching multiple meme tokens and then draining their liquidity, causing instant financial collapse for investors. The exposé gained significant traction as it was released just hours after 'Beaver' was celebrated for winning the high-profile competition, casting a shadow over the event.

Scandal Intensifies Scrutiny on Meme Coin Risks

The incident serves as a stark reminder of the persistent dangers within the meme coin market, a sector characterized by minimal regulation and high volatility. The association of a prominent contest winner with such fraudulent activities is expected to amplify negative sentiment and could trigger a flight to higher-quality digital assets among retail investors. This event places pressure on platforms like X to implement more rigorous vetting processes for contest participants and awardees. The fallout may also lead to broader calls for increased accountability for influencers and prominent online personalities who engage with or launch speculative tokens, reinforcing the high-risk perception of the entire meme coin ecosystem.