The ALT cryptocurrency token suffered a catastrophic market crash after blockchain investigator ZachXBT uncovered evidence implicating influencer Crypto Beast in a coordinated pump-and-dump operation. Within minutes, ALT’s value plummeted from $0.19 to $0.003, wiping out nearly $187 million in market capitalization and severely damaging investor confidence in the project.
On-chain analysis by ZachXBT traced over $11 million in ALT token sales directly to wallets associated with Crypto Beast. The investigation revealing the coordinated dump occurred shortly after suspicious market activity. This incident highlights the critical role of blockchain analytics in exposing fraudulent activities within cryptocurrency markets and promoting ecosystem transparency.
Crypto Beast reportedly has a documented history of involvement in multiple failed token projects and similar schemes, including ALPHA, RICH, YE, RUG, ACE, and JOHN tokens according to prior investigations. The ALT token serves as the governance and utility token for AltLayer, a modular rollup project that initially garnered support through Binance Launchpool. The abrupt collapse has raised serious concerns about the project’s credibility and market stability.