Crypto Beast's Pump-and-Dump Scheme Triggers 98.4% ALT Token Price Collapse in Hours

A cryptocurrency influencer known as “Crypto Beast” has been implicated in a coordinated market manipulation scheme involving the ALT token, which triggered a dramatic flash crash. On July 14, the asset’s market capitalization plummeted from $190 million to $3 million within hours as over $11 million worth of ALT tokens were rapidly dumped by 45 linked wallets. The price collapsed from $0.19 to $0.003 during the event, drawing scrutiny from on-chain analysts and cryptocurrency detectives.

Public evidence suggests the influencer, who previously promoted ALT across platforms like X and Telegram, had actively shared a now-deleted wallet address connected to the token. Blockchain tracing revealed the funds were distributed through Celestia and funneled through exchanges including KuCoin and Binance. Multiple side wallets associated with the campaign were identified, with analysts noting the deliberate use of “pump and dump” tactics.

Crypto Beast’s alleged actions align with patterns observed in prior projects, such as ALPHA, RICH, and YE, where similar strategies were reportedly employed to liquidate holdings. The influencer briefly deactivated their account following the incident but has since returned, leveraging small airdrops to rebuild their online presence. Critics argue such schemes exploit retail investors who follow influencer-driven hype cycles, often without transparency about the risks involved.

The incident underscores growing concerns about the influence of social media personalities in cryptocurrency markets. Despite the lack of regulatory oversight in many jurisdictions, platforms like X are increasingly being called upon to address abuses of their spaces for manipulative behavior. ZachXBT, the researcher who exposed the scheme, emphasized the need for stricter monitoring of wallet activity and influencer conduct to mitigate future risks.

Investors are advised to exercise caution when engaging with token promotions driven by online personalities, as the interconnected nature of digital assets and social media amplifies vulnerabilities to coordinated market attacks. The case highlights the importance of on-chain analysis in identifying and exposing such schemes, though challenges remain in holding perpetrators accountable given the pseudonymous nature of blockchain transactions.