The recent crash of Altcoin (ALT) revealed that schemes of financial fraud still exist in the cryptocurrency space. The token, controlled by an influencer, lost up to 95% of its value in just a few days.
Overview of the ALT Token Crash
Altcoin (ALT) launched on July 9 at a price of $0.018, but soon it appreciated to $0.180 due to strong community support. However, within a few days, the token crashed to $0.003, leading to significant losses for investors. Token owner Crypto Beast temporarily deleted his account on X (@cryptobeastreal), but after returning, all previous ALT promotions were removed.
Crypto Beast's Version of Events
Crypto Beast presented his own interpretation of the incident, indicating that anonymous traders were behind the crash. In a post, he claimed that a group of 'snipers' made over $2.2 million from ALT using speculative trading tactics. He suggested that they were the cause of the token's price drop, rather than his own promotion. During the investigation, he presented data about wallets that participated in buying the token early.
Community Reaction and Investigation
Despite Crypto Beast's attempts to calm the community, many users believe he played a key role in deceiving investors. The community has assembled a team to investigate the situation and find those responsible for the TOKEN crash. The investigation revealed that some of the selling traders had not actually bought ALT but received the tokens directly, reminiscent of previous cases where market manipulation led to sharp price declines.
The situation with Altcoin (ALT) highlights that mechanisms of manipulation and fraud remain relevant in the world of cryptocurrencies. The community continues to search for the truth, while legal consequences may impact all participants in this scheme.
