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The ALT token suffered a dramatic crash from $0.19 to $0.003 on July 14, triggered by coordinated wallet dumps linked to crypto influencer Crypto Beast.
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Crypto investigator ZachXBT traced 45 wallets connected to Crypto Beast, revealing over $11 million in illicit profits from the ALT token collapse.
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Crypto Beast has a documented history of promoting failed tokens such as ALPHA, RICH, and YE, raising concerns about repeated pump-and-dump schemes.
ALT token plunged after insider dumps, losing $187M in market value; Crypto Beast linked to $11M profit in pump-and-dump scheme, exposing influencer-driven crypto risks.
ALT Token Crash Exposes Influencer-Driven Pump-and-Dump Scheme
The sudden collapse of the ALT token on July 14 sent shockwaves through the crypto community, with its price plummeting from $0.19 to $0.003 within minutes. This drastic drop erased nearly $187 million in market capitalization, falling from $190 million to a mere $3 million. Crypto investigator ZachXBT’s comprehensive on-chain analysis uncovered that 45 wallets, all linked to the influencer known as Crypto Beast, orchestrated a coordinated sell-off that triggered the crash.
These wallets were funded via instant exchange services and traced back to a single Celestia address controlled by Crypto Beast, indicating a premeditated strategy to manipulate the market. The influencer had aggressively promoted ALT across platforms like X (formerly Twitter) and Telegram, enticing thousands of retail investors with promises of significant upside. However, all promotional content has since been deleted, further fueling suspicions of malicious intent.
On-Chain Evidence and Wallet Tracing Reveal the Scale of the Dump
ZachXBT’s investigation linked Crypto Beast’s public wallet—previously shared by the influencer—to the same Celestia address that financed the 45 dumping wallets. This direct connection highlights the influencer’s central role in the scheme. While Crypto Beast attempted to deflect blame onto anonymous “snipers,” on-chain data confirmed that these smaller clusters accounted for only about $2.6 million in sales, whereas the majority—over $11 million—originated from wallets tied to Crypto Beast.
Additional wallets associated with the influencer still hold approximately 89 million ALT tokens, representing around 10% of the total supply. This concentration raises significant concerns about potential future dumps, which could further destabilize the token’s value and investor confidence.
ALT Token Crash. Source: CoinGecko
ALT Token’s Background and Broader Implications for Crypto Markets
Unlike typical meme coins, ALT serves as the governance and utility token for AltLayer, a modular rollup project launched through Binance Launchpool in January 2024. The token’s initial distribution included an airdrop to over 40,000 wallets and a market debut supported by Binance, lending it a degree of legitimacy within the crypto ecosystem.
Despite this, the recent crash has severely undermined confidence in ALT and reignited criticism of influencer-driven speculation, which remains a persistent risk in decentralized finance. Crypto Beast’s involvement in previous failed tokens such as ALPHA, RICH, YE, RUG, ACE, and JOHN—many of which ended in rug pulls—demonstrates a troubling pattern of exploiting retail investors through coordinated pump-and-dump tactics.
Influencer Accountability and the Role of On-Chain Analysis
The case of Crypto Beast underscores the growing importance of on-chain forensic analysis in identifying and exposing fraudulent activities within the crypto space. By tracing wallet transactions and funding sources, investigators like ZachXBT provide transparency that counters misleading influencer narratives.
Following the incident, Crypto Beast temporarily deactivated his social media accounts but has since returned, employing giveaways to attract new followers. Such behavior signals potential preparation for future schemes, emphasizing the need for investor vigilance.
Regulatory authorities have yet to issue statements regarding possible enforcement actions, leaving investors to rely on due diligence. Experts recommend thorough verification of tokenomics, liquidity, and wallet behavior before committing capital to any crypto asset.
Conclusion
The ALT token crash serves as a stark reminder of the risks posed by unchecked influencer promotions and coordinated market manipulations. While the crypto market continues to mature, this incident highlights the critical role of on-chain transparency and investor education in mitigating fraud. Investors should remain cautious, prioritize independent research, and monitor wallet activities closely to safeguard their investments against similar schemes in the future.
