- ZachXBT uncovered an $11 million meme coin scam tied to popular crypto influencer Crypto Beast.
- The details shared that the influencer was connected to about 45 wallets holding a 10% supply of the token.
- This sold a significant amount of the tokens after successfully convincing followers to invest.
Earlier today, it was discovered that popular crypto influencer Crypto Beast was involved in a major memecoin scam. The online investigation showed that the influencer was connected to about 45 wallets.
Over the last few days into the month of July, Crypto Beast used his X account to aggressively “shill” the meme project. He came out with strong claims like “ALT is my next 100x play” and others projecting the token as the next billion-dollar potential project.
After successfully hyping up the token and using his followers to pump the price of the token, with no pity, he allegedly dumped it on all the holders.
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How He Carried Out The Meme Coin Scam
Certain projects in the market seek promotions or endorsements from prominent influencers, whales, and well-known figures in the crypto space. This is done to lure new buyers and investors. The ALT meme project followed a similar script.
As the month of July started, Crypto Beast, a well-known crypto figure with over 700,000 followers on X, began promoting a meme coin called ALT. The influencer claimed that through this meme coin, he would change the lives of many people, and even called it the next 100x play with a million-dollar potential.
A few days after consistently pushing for the token, the token’s price saw a drastic fall, signaling that the token controllers sold their holdings. Immediately after this price fall, Crypto Beast immediately shared his public wallet, claiming he bought about $50,000 worth of the token. The community speculates that this was done in order to limit his association with the token dump.
He also went forward to delete all his promotional tweets linked to the token. But ZachXBT started an investigation around the project. The details shared by ZachXBT revealed that numerous wallets, about 45 of which have been found so far, held about 89 million ALT tokens.
This number made up 10% of the tokens’ total supply. The investigation also showed that all 43 wallets sold their holdings, and more importantly, it revealed that this is not the first pump-and-dump scheme or meme coin scam that Crypto Beast has been involved in.
Other ones like Alpha, Rich, YE RUG, and ACE were also some of the meme scams he was involved in. The influencer deactivated his X account and then made a comeback with crypto giveaways.
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