Crypto Beast Accused of Manipulating ALT Token Crash from $190M to $3M in Major Market Scheme

Key Points

1. On July 14, a coordinated sell-off from multiple internal wallets caused ALT token's price to drop from $0.19 to $0.003, reducing its market cap from $190M to $3M.

2. Crypto analyst ZachXBT linked the sell-off to Crypto Beast, who promoted ALT on social media before deleting his public wallet address.

3. Over 45 associated wallets were traced, revealing complex fund transfers via Celestia and exchanges like Kucoin and Binance.

4. Similar behavior was observed in other projects (ALPHA, RICH, YE), suggesting a pattern of coordinated token manipulation.

5. Industry experts urge platforms like X to address risks posed by influencer-driven market manipulations in crypto.