The scandal surrounding Crypto Beast, a prominent crypto influencer, has escalated after allegations of orchestrating a Pump-and-Dump scheme involving the ALT token. These events led to a significant decline in the market cap of the token and raised concerns about the influence of crypto influencers.
Allegations Against Crypto Beast
Crypto Beast, a well-known crypto influencer, is accused of organizing a Pump-and-Dump scheme linked to the ALT token. According to blockchain investigator ZachXBT, Crypto Beast's wallet was tied to the token dump, leading to the collapse of their market cap.
Consequences for ALT Token
Following Crypto Beast's actions, ALT token's market cap plummeted from $190 million to $3 million. Reports indicate that wallets linked to Crypto Beast allegedly dumped over $11 million worth of tokens, contributing to a sharp price drop.
Community Reaction and Possible Implications
The crypto community was shocked by the rapid decline of ALT, raising alarms about market manipulation by influencers. This incident may lead to increased regulatory scrutiny and discussions about ethical standards for crypto influencers.
The Crypto Beast scandal underscores the necessity for monitoring social media's impact on financial markets and the development of clear ethical standards in the crypto industry.
