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Look On Chain recently reported that a wallet address associated with Convex Finance, known as kirill.eth, fell victim to a phishing scam on February 15, resulting in the theft of 180.25 million Beam (BEAM) tokens. This incident coincided with a recent price drop in BEAM, which has attracted significant attention from both cryptocurrency enthusiasts and market observers.
Sold BEAM for 1,629 ETH
The repercussions of the phishing scam were quickly felt in the cryptocurrency market, and following the revelation of the incident, there was a notable decrease in the price of BEAM. Data provided by Look On Chain reveals that immediately after the scammer sold the stolen BEAM tokens for approximately 1,629 Ethereum (ETH), the altcoin’s price dropped by 7%, equating to a loss of about 5.14 million dollars.
Concurrent with the price drop, BEAM derivative data analyzed by Coinglass indicates a decline in market sentiment. According to the analysis, the open interest in the altcoin decreased by 10.47%. Despite these bearish signals, Coinglass also notes an increase in BEAM’s trading volume, suggesting that the market may be ready to enter a consolidation phase in the short term.
Following the phishing scam, speculation and uncertainty regarding the market performance of the BEAM token have increased. Many observers are now closely monitoring the situation to assess potential impacts on investor confidence and market dynamics.
While some analysts exhibit cautious optimism, concerns about the altcoin’s vulnerability to similar security breaches in the future persist.
Current State of BEAM
Data provided by the cryptocurrency data and price platform CoinMarketCap shows that the decline in BEAM’s price followed the phishing scam and the sale of tokens for ETH. At the time of writing this article, BEAM is trading at $0.02675, down 9.34% in the last 24 hours.
