- Crypto Beast exposed for orchestrating $11 million scam via ALT token.
- ALT token’s value dropped by 97% in 24 hours.
- Previous scams by Crypto Beast led to similar losses.
ALT Token Plummets 97% Following Scam Revelation
The ALT token experienced a catastrophic 97% price collapse, linked to revelations of Crypto Beast’s involvement. This individual is known for creating and abandoning high-risk altcoin projects. Crypto Beast operated under the handle cryptobeastreal, promoting these schemes on Crypto Twitter.
Crypto Beast orchestrated significant token dumps, resulting in mass sell-offs. Despite no real-world identity being verified, the patterns replicate known pump-and-dump tactics. These actions are seen repeatedly in Crypto Beast’s involvement with previous projects.
Crypto Beast managed to swindle over $20 million from its followers through a series of rug pulls.
Investor Confidence Shaken by $11M Scam Fallout
ALT’s market cap fell dramatically, impacting investor confidence significantly. Kingpin operations of Crypto Beast led to the liquidation of 93% of holdings, indicating strategic asset abandonment. Community backlash is apparent, with many voicing concerns on social platforms.
The crypto market observed isolated financial devastations, yet major cryptocurrencies like BTC and ETH saw positive trends, unaffected by the scam. Broader DeFi metrics remained stable, despite localized perturbations in memecoins.
Memecoin Scams Prompt Calls for Regulation
Analogous scams, such as the previous ALPHA token dump, draw parallels to the current situation. The industry faces recurring challenges from influential figures engaging in rug pull scams. ZachXBT emphasizes strategic fraud patterns mirrored in Crypto Beast’s actions. “ZachXBT exposes ‘Crypto Beast’ for $11 million ALT scam.”
Given historical trends, potential outcomes include intensified scrutiny of memecoins and calls for preventive regulatory measures. Without immediate legal consequences, Crypto Beast’s activities remain problematic for retail investors seeking accountability.
