According to blockchain analytics platform Lookonchain, the cryptocurrency trader was subjected to a phishing attack that took over 180 million BEAM tokens on Wednesday and affected the price of the token.
180 million BEAM coins were stolen
In a post by X (formerly Twitter), Lookonchain revealed a new cryptocurrency scam that occurred on February 15. As the analytics platform explained, the address 0x83664B8a83b9845Ac7b177DF86d0F5BF3b7739AD, under the name “Kirilm.eth”, was subjected to a phishing attack that led to the theft of millions of BEAM tokens.
kirilm.eth was hit by a phishing attack and lost 180.25 million $beam($5.14 million) 13 hours ago.
The scammer quickly sold for 180.25 million $beam For 1629 $ Ethereum($4.6 million) causing a price $beam To decrease by ~7%. https://t.co/x8epiNx4Qa pic.twitter.com/ytcfYib2Kg
– Loconchain (@loconchain) 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, to an account named “Fake_Phishing291038.”
Shortly after the theft, the scammer's address liquidated the total amount of stolen BEAM tokens, exchanging them for 1,629 ETH worth approximately $4.6 million.
According to To Web3's anti-fraud platform Scam Sniffer, the victim signed a “sweatpick” transaction that gave the scammer access to the tokens. in addition to,. X's post explains that the token spender is a secure wallet address.
However, this writing did not reveal more details about the victim, the exact tactics used by the scammer, and their identity.
Phishing scams are among the most common methods of cryptocurrency-related crime. Scammers exploit the gullibility of inexperienced investors and the recklessness of more experienced traders to gain access to funds.
Fraud methods include a variety of ways to trick victims into revealing their private keys or login information to grant access to the victim's wallets. That's why the experts Urges All cryptocurrency investors should stay alert and take necessary measures to keep their assets safe.
BEAM price reacts to cryptocurrency theft
BEAM token acts as the native crypto asset of the Beam network. After the theft and subsequent exchange to ETH, the price of the token fell, falling from the $0.030 price level to the $0.028 range.
Beam Network is a gaming network powered by Merit Circle DAO. The ecosystem brings developers and gamers together to further develop the gaming industry. According to the Beam team, “At its core, Beam aspires to create harmony between players and developers.
It's not just about the games; It's about ownership, empowerment and global community. Every feature and tool is a step towards this visual future.
At the time of writing, the token is trading at $0.027, representing a 2.4% decline in the last hour and a 9.3% decline from its trading price in the last 24 hours. According to CoinMarketCap data, the coin's daily trading volume saw a 25.7% decline over the past 24 hours, ranking No. 104 on this metric with $61.4 million.
Despite the negative price reaction after the scam, BEAM's price still registered a 32.9% increase in the past seven days. Likewise, BEAM's confidence score in spot markets 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
