Key Highlights
- Crypto Beast, accused of offloading $11M in $ALT tokens, has resurfaced under a new X username.
- ZachXBT identified 45 wallets associated with Crypto Beast.
- The reappearance of Crypto Beast on X reignites discussions on crypto ethics and regulatory oversight.
The cryptocurrency community was taken aback when Crypto Beast, a prominent influencer with close to 800,000 followers, reactivated their X account (formerly Twitter) under the new handle @realcryptoelio. This return follows a significant controversy where the influencer was implicated in market manipulation that led to the collapse of the $ALT token. The investigation and exposure were conducted by ZachXBT, a respected on-chain analyst.
The Incident Unveiled
On July 14, 2025, the value of the ALT token, which was heavily endorsed by Crypto Beast, plummeted dramatically from $0.19 to $0.003 within a few hours. This represented a staggering 97% decline, erasing over $190 million in market capitalization.
According to on-chain expert ZachXBT, 45 separate cryptocurrency wallets were connected to Crypto Beast. All these wallets simultaneously sold their ALT tokens during the price crash, collectively offloading more than $11 million worth of the token.
Prior to this event, the ALT token had relatively low trading volume, indicating limited regular buying and selling activity. For such low-liquidity tokens, a large-scale, coordinated sell-off can severely impact the price, causing a rapid collapse.
In this situation, the wallets tied to Crypto Beast held approximately 3% of the total ALT token supply. This sizeable stake for a smaller token meant that when these tokens were dumped on the market simultaneously, the supply overwhelmed demand, triggering the sharp price drop.
Tracing the Market Manipulation
Crypto Beast had actively promoted the ALT token on social media, including sharing a Celestia wallet address linked to him. Although this post was later deleted, the information remained accessible publicly. Between May and July 2025, funds from this wallet were transferred to various smaller wallets via major crypto exchanges such as Binance, KuCoin, HTX, and Sideshift.
On July 14, these smaller wallets executed a large-scale sale of ALT tokens within minutes. This coordinated action caused the token’s value to crash abruptly.
ZachXBT analyzed the transaction records and successfully connected all these wallets back to the original Celestia wallet shared by Crypto Beast, indicating that the entire sell-off was likely orchestrated by the influencer.
While profiting from these sales, Crypto Beast attempted to deflect responsibility by blaming large traders for the price collapse. Following the incident, the influencer temporarily deactivated their account and has now returned under the new username @realcryptoelio on X.
Significance of the Event
This episode serves as a stark reminder of the risks involved when influencers aggressively promote crypto tokens. One individual’s covert liquidation led to a loss of nearly $190 million in value, leaving retail investors, who trusted the hype, with substantial losses. It underscores how quickly market sentiment can turn when promotions lack transparency.
The influencer’s change of username may appear minor but carries significant implications. It complicates efforts to track their previous posts and severs direct association with the $ALT token crash scandal. This tactic can mislead followers, particularly newcomers, allowing the influencer to regain credibility or initiate fresh promotions under a new identity. It also appears to be a method to evade accountability and obscure past actions.
Fundfa Analysis
This case highlights the vulnerability of crypto markets to influencer-driven manipulation and the challenges regulators face in enforcing transparency. Such incidents can erode investor confidence and emphasize the need for stronger oversight and clearer ethical standards within the crypto community.