Cryptocurrency influencer Crypto Beast faces serious allegations of orchestrating the dramatic collapse of the ALT token through coordinated sell-offs, effectively wiping out nearly its entire market value.
According to analysis by blockchain investigator ZachXBT, a wave of selling originating from multiple linked wallets occurred on July 14th, causing the ALT token’s price to plummet from $0.19 to $0.003. This resulted in the token’s market capitalization crashing from approximately $190 million to just $3 million.
ZachXBT’s investigation traced the sell-off activity back to wallets associated with Crypto Beast. The influencer had actively promoted the ALT token via social media channels prior to the coordinated dumping event. Notably, following these activities, Crypto Beast is reported to have deleted his public wallet address associated with the transactions.
The investigation uncovered a network of over 45 interconnected wallets. Blockchain transaction analysis revealed complex fund movement patterns, utilizing the Celestia network and transferring assets through centralized exchanges including Kucoin and Binance.
ZachXBT further identified similar suspicious patterns suggesting coordinated token manipulations in several other projects, namely ALPHA, RICH, and YE. This points to a potential recurring modus operandi.
The allegations have amplified calls from industry experts urging social media platforms, particularly X, to recognize and address the significant risks posed to investors by coordinated market manipulations driven by influential figures.