Crypto investigator ZachXBT has uncovered suspicious activities involving known KOL Crypto Beast, who manipulated the market around the ALT token. Following aggressive selling, the token's market cap dropped significantly.
Drop in ALT Token Market Cap
Earlier this month, the market cap of the ALT token plummeted from $190 million to $3 million. This sharp decline is linked to mass sell-offs by 45 wallets associated with Crypto Beast, who collectively withdrew more than $11 million.
Crypto Beast's Fraud Scheme
Crypto Beast promoted the ALT token heavily through platforms like X (formerly Twitter) and Telegram. According to ZachXBT, this isn't his first fraudulent venture. He has also been associated with schemes involving tokens like ALPHA, RICH, and YE, each following a similar pattern: creating hype, attracting investors, and dumping assets once prices surge.
Notes for Crypto Investors
The incident with the ALT token serves as a warning for all participants in the crypto space regarding the importance of thorough research and caution in investments. Relying on independent information sources and monitoring wallet activities is crucial to avoid such incidents.
The recent case involving Crypto Beast highlights the need for transparency and accountability in the crypto industry. Investors are advised to conduct their own investigations and avoid blindly trusting influencers.
