ZachXBT: Crypto KOL Crypto Beast is suspected of manipulating the ALT token price crash event

ChainCatcher news reports that crypto KOL Crypto Beast is accused of manipulating the price of ALT tokens from $0.19 to $0.003 on July 14, causing the market cap to plummet from $190 million to $3 million, according to on-chain detective ZachXBT.

ZachXBT discovered through on-chain analysis that Crypto Beast previously promoted ALT tokens aggressively, with over 45 associated wallets selling tokens worth more than $11 million. The wallet address publicly shared by Crypto Beast traces back to a Celestia address, which transferred funds to multiple exchanges (including Kucoin, Sideshift, Binance, and HTX) for funding the sidechain wallet.

ZachXBT stated that Crypto Beast deleted all posts promoting the token after the crash, after previously denying any connection to the price drop.