- ZachXBT’s forensic analysis exposes substantial crypto market manipulation.
- Influencer’s actions cause 97% drop in ALT token value.
- Massive financial losses highlight risks in influencer-led promotions.
ZachXBT has unveiled that 45 wallets connected to the influencer ‘Crypto Beast’ liquidated $11 million in ALT tokens, decimating its market value. The incident occurred across multiple centralized exchanges, causing significant financial setbacks for investors.
The incident demonstrates potential pitfalls for investors in thinly traded crypto markets driven by influencer tactics. This revelation highlights the risks associated with such speculative investments.
Crypto Beast, a known crypto trader, faced significant scrutiny after blockchain investigator ZachXBT exposed wallet transactions totaling $11 million. This investigation revealed coordinated dumping of the ALT token, leading to a drastic 97% market cap decline.
Investigations unveiled over 45 wallets linked to Crypto Beast. Liquidation occurred after aggressive online promotions, followed by a rapid sell-off that drastically impacted the ALT token’s price and liquidity.
The extensive wallet transactions initiated widespread panic among investors and traders across multiple platforms, including Binance and KuCoin. ZachXBT’s findings indicated risks tied to influencer-driven token manipulation and highlighted weaknesses in market resilience.
The event amplified discussions among community members and experts about regulatory oversight. It echoed previous influencer-led sell-offs where centralized exchanges served as major conduits for moving significant capital from liquidated tokens.
Projections surface on potential legal outcomes and increased calls for regulatory interventions. This event also underscores the critical role of independent investigators in monitoring the cryptocurrency ecosystem for suspicious activities.
Over 45 wallets linked to Crypto Beast dumped $11M in $ALT, wiping out 97% of its market cap in an hour. All were funded through the same meta-wallet and rapidly liquidated after coordinated promotion.” – ZachXBT, Blockchain Investigator
