According to blockchain analytics platform Lookonchain, a phishing attack on a cryptocurrency trader on Wednesday caused over 180 million BEAM tokens to skyrocket, impacting the token's price.
180 million BEAM tokens stolen
In a post on X (formerly Twitter), Lookonchain exposed a new crypto scam that occurred on February 15th. As detailed by the analysis platform, the address 0x83664B8a83b9845Ac7b177DF86d0F5BF3b7739AD was subjected to a phishing attack under the name “Kirilm.eth”, leading to the theft. Millions of BEAM tokens.
karilm.eth lost 180.25 million due to phishing attack $beam($5.14 million) 13 hours ago.
Scammer quickly sold $180.25 million $beam 1,629 yen $ETH($4.6 million), which increased the price. $beam Approximately 7% lower. https://t.co/x8epiNx4Qa pic.twitter.com/ytcfYib2Kg
— Lookonchain (@lookonchain) February 16, 2024
The user appears 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 to an account labeled “Fake_Phishing291038.”
Immediately after the theft, the fraudster's address liquidated the total amount of stolen BEAM tokens and exchanged them for 1,629 ETH worth approximately $4.6 million.
according to For the Web3 anti-fraud platform Scam Sniffer, the victim signed an “increase” transaction that granted the scammer access to their tokens. Additionally, .X's post details that the token spender is her Safe Wallet address.
However, the document does not reveal details about the victims, the exact tactics used by the scammers, and their identities.
Phishing scams are one of the most common methods used in cryptocurrency-related crimes. Scammers gain access to funds by taking advantage of the naivety of inexperienced investors and the oversights of experienced traders.
Fraud schemes include various methods of tricking victims into revealing their private keys or login information, allowing access to their wallets. For this reason, experts impulse All cryptocurrency investors should remain vigilant and take the necessary steps to keep their assets safe.
BEAM Price reacts to cryptocurrency heist
The BEAM token serves as the native crypto asset of the Beam network. After the heist and subsequent exchange into ETH, the token price fell from the $0.030 price level to the $0.028 range.
Beam Network is a gaming network powered by Merit Circle DAO. This ecosystem connects developers and gamers and further develops the gaming industry. According to the Beam team, “Beam essentially aims to create harmony between gamers and developers.
It's not just about games. It's about ownership, empowerment, and global community. Every feature and tool is a step towards this exciting 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 past 24 hours. According to data from CoinMarketCap, the token's daily trading volume decreased by 25.7% in the past 24 hours to $61.4 million, placing it 104th on this metric.
Despite the negative price reaction following the scam, BEAM’s price has registered a 32.9% increase over the past 7 days. Similarly, BEAM's trust score in the spot market remains unchanged, 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
