Recently, a shocking market manipulation event has erupted in the crypto world, with the main character being the well-known KOL Crypto Beast, who has nearly 800,000 fans. This internet celebrity has been vigorously promoting on social media while secretly manipulating the market, ultimately leading to a brutal crash.

The focus of the event is the token Altcoin (ALT). Starting from July 9, Crypto Beast began to intensively promote ALT on X (formerly Twitter) and Telegram, describing it as "the next hundredfold coin with the potential for a market cap of billions of dollars." As he continued to create FOMO, the price of ALT began to rise.

By July 12, the pump action accelerated significantly. In just two days, ALT surged from $0.039 to $0.19, an increase of nearly 4 times. This astonishing rise attracted a large number of retail investors rushing in.

However, the good times didn't last long. On July 14, ALT suddenly plummeted from $0.19 to $0.003, evaporating nearly $190 million in market value within a few hours. At the same time, on-chain data showed that 45 wallets associated with Crypto Beast were synchronously dumping, totaling over $11 million in cash-out.

This series of events reveals a meticulously planned market manipulation process: from the initial hype, to the mid-stage pump, and finally to the high-level sell-off. This not only caused significant losses for many investors but also highlighted the importance and urgency of regulating the crypto assets market.

For ordinary investors, this incident serves as another wake-up call: in the highly speculative Crypto Assets market, even KOLs with a large following may engage in profit transfer and market manipulation. Investors need to stay alert and should not blindly follow others' investment advice, but rather conduct independent research and judgment.

With the exposure of this incident, discussions within the crypto community regarding KOL responsibility and market integrity have reignited. How to establish a more transparent and fair crypto assets ecosystem has become an important issue faced by industry insiders and regulatory agencies.