According to blockchain analytics platform Lookonchain, a cryptocurrency trader was hit by a phishing attack on Wednesday that stole over 180 million BEAM tokens, affecting the price of the token.
180 million BEAM tokens stolen
In a post by X (formerly Twitter), Lookonchain exposed a new cryptocurrency scam that occurred on February 15th. As detailed in the analytics platform, the address 0x83664B8a83b9845Ac7b177DF86d0F5BF3b7739AD with the name ‘Kirilm.eth’ was stolen in a phishing attack. Millions of BEAM tokens.
kirilm.eth suffered a phishing attack and lost 180.25M. $BEAM($5.14 million) 13 hours ago.
The scammer quickly sold $180.25 million. $BEAM at 1,629 $ETH($4.6 million), resulting in an increase in price. $BEAM It falls by ~7%. https://t.co/x8epiNx4Qa pic.twitter.com/ytcfYib2Kg
— Lookonchain (@lookonchain) February 16, 2024
Users appear to have identified the victim as a cryptocurrency trader named Kirill Marinov. According to the information provided, the victim lost 180.25 million BEAM tokens worth approximately $5.14 million from an account labeled ‘Fake_Phishing291038’.
Immediately after the theft, the scammer’s address liquidated the entire amount of stolen BEAM tokens, exchanging them for 1,629 ETH, worth approximately $4.6 million.
Depending on the On Web3 anti-fraud platform Scam Sniffer, victims signed ‘increase allowance’ transactions that gave scammers access to their tokens. additionally,. The X post details that the token spender is a Safe Wallet address.
However, details about the victims, the exact method used by the scammers, and their identities were not disclosed in this article.
Phishing scams are one of the most widely used tactics for cryptocurrency-related crimes. Fraudsters exploit the naivety of inexperienced investors and the oversight of experienced traders to gain access to funds.
Scam tactics include a variety of methods to trick victims into revealing their private keys or login information in order to give them access to their wallets. Because of this, experts advise All cryptocurrency investors must exercise caution and take the necessary steps to keep their assets safe.
BEAM price reacts to cryptocurrency strength
The BEAM token serves as the native crypto asset for the Beam network. After the robbery and subsequent exchange for ETH, the token price fell from the $0.030 price level to the $0.028 range.
Beam Network is a gaming network based on Merit Circle DAO. The ecosystem brings developers and gamers together to further develop the gaming industry. According to the Beam team, “At the core of Beam is the drive for harmony between gamers and developers.
This isn’t just about games. It’s about ownership, empowerment, and global community. Every feature and tool is a step towards this visionary future.”
At the time of writing, the token is trading at $0.027, down 2.4% in the past hour and down 9.3% from its trading price over the previous 24 hours. According to CoinMarketCap data, the token’s daily trading volume fell 25.7% over the past 24 hours to $61.4 million, ranking it 104th on this indicator.
Despite the negative price reaction following the scam, BEAM price is still up 32.9% over the past 7 days. Likewise, BEAM’s trust score in the spot market remains intact, according to CoinGecko Data.
BEAM price is trading at $0.0276 in the hourly chart. Source: BEAMUSDT on Tradingview.com
Featured image from Unsplash.com, chart from Tradingview.com
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