ALT Token Faces Potential Risks Amid Alleged Pump-and-Dump Scheme Linked to Crypto Influencer
Main Idea
The ALT token experienced a dramatic crash due to an alleged pump-and-dump scheme linked to influencer Crypto Beast, resulting in a significant loss of market value and investor confidence.
Key Points
1. ALT token's price plummeted from $0.19 to $0.003 within minutes, erasing nearly $187 million in market capitalization.
2. Crypto investigator ZachXBT linked Crypto Beast's wallet to the dumping of ALT tokens, with over $11 million in sales traced to the influencer.
3. Crypto Beast has a history of involvement in failed tokens and pump-and-dump schemes, including ALPHA, RICH, YE, RUG, ACE, and JOHN.
4. The incident highlights the importance of on-chain analysis in exposing fraudulent activities and promoting transparency in the crypto space.
5. ALT is the governance and utility token for AltLayer, a modular rollup project initially supported by Binance Launchpool, but the crash has damaged its credibility.
Description
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