ALT Token Faces Potential Risks Amid Alleged Pump-and-Dump Scheme Linked to Crypto Influencer

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.