Crypto influencer Crypto Beast has come under scrutiny following allegations of orchestrating a significant market manipulation event involving the ALT token. On July 14, a coordinated sell-off from multiple internal wallets resulted in a drastic price decline from $0.19 to $0.003, eroding the token’s market capitalization from $190 million to just $3 million. This activity was first highlighted by crypto analyst ZachXBT on X, who linked the sales to Crypto Beast through meticulous on-chain transaction analysis.
Investigations revealed that Crypto Beast actively promoted ALT across social media channels, including X and Telegram, before deleting his public wallet address. Analysts traced over 45 associated wallets, uncovering complex fund transfers routed via Celestia and major exchanges such as Kucoin and Binance. This pattern of behavior reportedly extends to other projects, including ALPHA, RICH, and YE, suggesting a recurring involvement in coordinated token dumps.
Following the incident, Crypto Beast temporarily deactivated his social presence but has since resumed activity, employing small airdrops to regain attention. Industry experts, including ZachXBT, urge platforms like X to enhance regulatory oversight and caution investors about the inherent risks posed by influencer-driven market manipulations in the crypto space.