Crypto Beast’s X Account Deactivation Sparks Controversy

Crypto Influencer Sparks Market Turmoil with ALT Pump-and-Dump Scheme

The event underscores concerns over influencer-led market volatility and highlights the impact of social media on crypto markets. The speculative activities involving ALT prompted swift community backlash.

Crypto Beast, a prominent crypto influencer, reportedly orchestrated a pump-and-dump involving the ALT token. ZachXBT, a blockchain investigator, linked Crypto Beast’s wallet to the token dump .

Crypto Beast’s public wallet was directly tied to the bundled wallets that sold $ALT – ZachXBT, On-chain Investigator, ZachXBT.com

Crypto Beast’s actions led to the account’s deactivation on X. Despite the account deactivation, speculation surrounds a potential return under a new name. The ALT token suffered a substantial market cap plunge from $190 million to $3 million. Wallets linked to Crypto Beast allegedly dumped over $11 million in ALT, causing a price collapse.

The crypto community faced shockwaves after the sudden ALT collapse, exacerbating concerns over influencer-led market manipulation . Social media’s role in crypto price fluctuations was highlighted amidst the controversy. Historical trends show previous involvement from Crypto Beast in similar events. Regulatory scrutiny remains a possibility, although no immediate actions have been announced. The incident could prompt industry-wide debates on the ethical responsibilities of crypto influencers . Market dynamics and potential regulatory responses could shape future interactions between social media and cryptocurrency valuations.