The recent crash of Altcoin (ALT) showed that old-school rug pulls are still alive and well. Previously driven by influencers, the crash of ALT led the community to accuse Crypto Beast of creating hype for a risky token.
Altcoin (ALT), a crypto token promoted by influencer Crypto Beast, suffered a rug pull, erasing up to 95% of holders’ value. The influencer later briefly erased the X account @cryptobeastreal. When the account came back, all the previous ALT promotions were gone without a trace.
ALT launched on July 9, with a price of $0.018. Within days, the token appreciated by 10X, with ongoing hype from the community. In the past day, however, ALT crashed down to $0.003 after a decentralized rug pull.
ALT had only traded for a few days and relied on its Raydium liquidity pool, leaving it extremely vulnerable to price manipulation. ALT traded similarly to other meme tokens, where whales could easily sway the price within minutes.
Crypto Beast blames anonymous whales for ALT crash
While the ALT community turned the screw on Crypto Beast, the influencer returned with his own side of the story. Crypto Beast posted a list of early wallets, which coordinated to buy up ALT soon after its launch.
He then explained that a deliberate sniping and resale event ended up crashing the price. In a lengthy X post, Crypto Beast traced the activities of most of the whales.
An investigation into Altcoin (ALT) and why it dropped 85% in minutes:
A sophisticated group of snipers, or “rug pullers” has made over $2.2 million from ALT by buying early and selling slowly on the way up.
Roughly one month prior to the launch of the ALT token, a wallet…
— Crypto Beast (@cryptobeastreal) July 15, 2025
The top whale statistics for ALT showed that two of the sniper wallets managed to lock in significant gains. Wallet 8kpY locked in a profit of $535.6K, dumping all tokens on the eve of July 14. The second trading wallet sold ALT for $493.8K. All of the top wallets sold in coordination, liquidating all their ALT holdings.
Later, the top whales consolidated the gains into a single Solana address, which holds 2.05M USDC and other meme assets. The trading whales shifted their gains to the wallet, with no further trading or operations. The destination wallet has been active since January, mostly with SOL and altcoin trading.
Crypto Beast has denied that the wallets belong to him, instead claiming the whales are unrelated and attacked the token. Later, Crypto Beast also connected some of the ALT traders to PUMP token whales. He believed the group that pumped and crashed ALT is also part of the list of insiders for the Pump.fun token launch.
Meme traders link Crypto Beast to older rug pulls
Despite the denials, the crypto community still believes the ALT token was deliberately promoted and rugged by Crypto Beast. Initially, Crypto Beast tried to calm the community by stating that whale selling would cause a temporary setback and the token would recover.
Just minutes later, Crypto Beast went on to shut down his X account temporarily, as users noted the previous ALT promotions were scrubbed from the history.
Just to set the record straight.
Over the past week, @cryptobeastreal heavily promoted $ALT / ALTCOIN.
This morning, the project rugged — from $180M to under $5M in minutes.
In the first hours post-rug, he tweeted that everything was fine:
“A whale sold.”
“The dev is still… pic.twitter.com/HXfaTRaPB3
— Stefan (@ChickyNuggieMan) July 14, 2025
Investigators also noted that some of the top selling whales did not actually buy ALT, but received the tokens directly. Some of the whales also sold while Crypto Beast was still hyping ALT.
A previous project by Crypto Beast, ALPHA, also went through a rug pull after peaking at $180M market capitalization.
While the final responsibility remains uncertain, the community has assembled an investigation team with the task of finding the culprit for the rug pull and eventually seeking compensation. Since ALT traded against USDC, it is possible in theory to freeze the proceeds, if Circle cooperates in blacklisting the whale wallets.
Investigators are also preparing to involve law enforcement agencies. The ALT rug pull recalls previous meme events where insider whales caused deep crashes within minutes. In the case of ALT, the rug pull erased over $175M in notional value within 30 minutes.
