BEAM Token Price Drops Dramatically Following Phishing Attack

As reported by the blockchain analytics platform Lookonchain, a phishing incident recently targeted a crypto trader, resulting in the unauthorized acquisition of over 180 million BEAM tokens on Wednesday, impacting the valuation and price of the token.

Phishing schemes stand as one of the prevalent strategies in crypto-related fraudulent activities, exploiting the inexperience of some investors and oversights of more seasoned traders to gain illicit access to funds.

The Process

Identified by users as Kirill Marinov, the victim reportedly lost 180.25 million BEAM tokens valued at around $5.14 million to an account named Fake_Phishing291038. Following the theft, the scammer promptly liquidated the stolen BEAM tokens, converting them into 1,629 ETH, valued at roughly $4.6 million.

According to the Web3 anti-scam platform Scam Sniffer, the victim initiated an increase allowance transaction, granting access to the tokens to the scammer. It was later revealed that the token spender operates through a Safe Wallet address. However, the report lacks further specifics regarding the identity of the victim as well as the precise techniques employed by the scammer and their identity.

Price Impact

Phishing scams usually employ various methods to deceive victims into disclosing private keys or login credentials, thereby compromising the security of their wallets. Consequently, experts emphasize the importance of vigilance and implementing necessary precautions to safeguard crypto assets.

Regarding the impact on BEAM token price, following the theft and subsequent exchange to ETH, the token experienced a decline, dropping to approximately $0.028. The BEAM token functions as the native cryptocurrency for the Beam network, a gaming network powered by the Merit Circle DAO. The ecosystem aims to foster collaboration between developers and gamers to advance the gaming industry.

Despite the negative market reaction post-scam, the BEAM price recorded a 32.9% increase over the past week. Additionally, its trust score in spot markets remains unaffected, according to data provided by CoinGecko.