A prominent crypto influencer, known as “Crypto Beast, has been accused of orchestrating a pump-and-dump scheme involving the ALT token. According to crypto investigator ZachXBT, Crypto Beast heavily promoted ALT on social media platforms X and Telegram earlier this month, misleading his followers and artificially inflating the token’s price.
Understanding How it Happened
ZachXBT’s investigation, shared on X today, reveals how Crypto Beast manipulated the market for ALT. He is accused of working with others to artificially raise the token’s value by promoting it on social media. On July 14, the ALT token’s market cap plummeted from $190 million to $3 million after 45 wallets linked to Crypto Beast collectively dumped their holdings, cashing out over $11 million.
The crypto community reacted angrily, with users on X, such as @real0xLeo and @ChickyNuggieMan, calling out Crypto Beast. They reported that he downplayed the crash, describing it as a “whale sell-off,” before he deactivated his account. His previous activities with ALPHA, RICH, and YE show a pattern of pump-and-dump schemes.
ZachXBT’s evidence, including transaction records, demonstrates the extent of the betrayal. This situation has led to increased calls for stricter regulations in the largely unregulated crypto market.
Crypto Beast Disappears
After the crash, Crypto Beast disappeared from X, deleting his posts and blocking critics. ZachXBT pointed out that Crypto Beast’s team assured investors that the project remained active. The $11 million that he cashed out was moved through multiple exchanges, making recovery efforts difficult. Community groups, like @america_events, are gathering evidence to report this scam formally. This incident highlights the risks associated with trusting influencers in the unpredictable cryptocurrency market.
ZachXBT’s relentless work, often supported by community donations, serves as a reminder of the need for accountability. The ALT token crash is part of a larger pattern of scams, following the $330 million Bitcoin heist ZachXBT revealed earlier this year.
Meanwhile, ZachXBT recently launched a serious allegation against influencer James Wynn, accusing him of orchestrating memecoin pump-and-dump schemes while dismissing Wynn’s claims of being a victim in this scenario. The online sheriff countered Wynn’s statements, asserting that the influencer had profited from deceptive trading practices over a prolonged period.
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