Crypto Beast has reactivated its account and changed its name to @realcryptoelio after being accused of manipulating the sale of ALT Tokens, causing market losses.
Previously, according to ZachXBT's investigation, Crypto Beast was suspected of controlling 45 related wallets to sell more than 11 million USD worth of ALT Tokens, causing the market value to plummet.
MAIN CONTENT
Crypto Beast has reactivated his account under the new name @realcryptoelio.
This whale is suspected of manipulating the sale of more than $11 million in ALT Tokens.
Who is Crypto Beast and what does the account reactivation event mean?
Crypto Beast is a well-known entity in the crypto whale community, especially in the altcoin space. The reactivation of the account under the new name @realcryptoelio on social media shows that this individual or group continues to operate publicly in the market.
This move is closely watched by the community and experts because it is directly related to trading activities that can impact important altcoin price trends, greatly affecting retail investors and the general market.
Why Crypto Beast is Accused of Manipulation and What Are the Consequences for the ALT Token?
According to ZachXBT's investigation in early August 2024, Crypto Beast was specifically named as controlling 45 related wallets to sell a large amount of ALT Tokens with a total value of over 11 million USD. This action is believed to be the main reason for the severe decline in ALT's capitalization and market value.
Dominating a large amount of Tokens by selling massively from many different wallets is a manipulation technique to create selling pressure, causing the price to drop deeply, causing damage to other investors and raising concerns about the stability of this altcoin.
“Regulating whale activity in the altcoin market is essential to minimize risks for small investors, while ensuring price stability and fairness in trading.”
Cryptocurrency Market Analyst, Phan Van An, 2024
What are the long-term effects of manipulation on the altcoin market and investors?
Market manipulation by whales like Crypto Beast not only affects short-term prices but also reduces investor confidence in transparency and fairness. Large sell-offs can send Tokens to long-term lows.
In addition, strong fluctuations due to manipulation also cause widespread FUD (bad news), negatively affecting the psychology and investment decisions of thousands of people around the world. This requires strict management from agencies and trading platforms.
What solutions are being put in place to prevent manipulation in the cryptocurrency market?
Currently, many exchanges and projects focus on On-chain monitoring technology combined with AI to quickly detect abnormal behaviors related to whales. Some DAO governance mechanisms are also added to make large token movements transparent.
In addition, laws and regulations in many countries are increasingly improving in limiting fraudulent and manipulative behaviors in the cryptocurrency financial market, creating a safer and more sustainable environment for investors.
Frequently Asked Questions
Who is Crypto Beast in the Crypto Market?
Crypto Beast is known as a highly influential crypto whale, involved in many high-scale altcoin trading activities.
What is the impact of the ALT Token dumping by Crypto Beast?
The dumping of over $11 million worth of ALT tokens caused a sharp decline in the market and damaged investor confidence.
What mechanisms help prevent manipulation in the cryptocurrency market?
On-chain monitoring, AI transaction behavior analysis, DAO governance, and legal regulation are effective solutions today.
Why is whale management important?
Whales holding large amounts of Tokens can manipulate prices, causing market volatility and negatively affecting retail investors.
How can investors protect themselves from price manipulation?
Investors should diversify their portfolios, follow market news and use technical and fundamental analysis tools to make informed decisions.
Source: https://tintucbitcoin.com/crypto-beast-doi-ten-thao-tung-vi-alt/
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