What happened?
Blockchain investigator ZachXBT exposed a crypto influencer known as Crypto Beast for allegedly organizing an $11 million token sell-off, which severely impacted the ALT token’s market cap. The investigation showed that on July 14, 2025, 45 insider wallets connected to Crypto Beast sold over $11 million in ALT tokens, causing the token’s value to plummet from $190 million to just $3 million. ZachXBT’s analysis traced these transactions back to a single Celestia blockchain address funding both Crypto Beast’s wallet and the cluster of wallets that executed the massive sell-off.
Who does this affect?
This incident significantly impacted the followers and investors of Crypto Beast, many of whom likely suffered financial losses due to the sudden crash in the ALT token’s value. Additionally, this affects the broader cryptocurrency community as it highlights the risks associated with investing based on influencer promotions without proper diligence. This event serves as a cautionary tale for retail investors who often trust influencers’ investment tips and could be vulnerable to similar schemes.
Why does this matter?
This situation underscores the potential market impact of influencer-driven manipulation within the cryptocurrency industry, showing how coordinated actions by a few can drastically alter token prices and market caps. The rapid collapse of the ALT token exemplifies the volatility and lack of regulation in the crypto space, which can open doors for similar scams. It also raises concerns about market integrity and the need for greater accountability and oversight to protect investors from improperly disclosed or manipulative activities by influential figures in the crypto market.