Famous Trader Caught the Hook: This Altcoin Was Stolen and Its Price Dropped!

The phishing scam resulted in the loss of approximately $5 million worth of BEAM. An address related to Convex Finance lost 180 Million BEAM to a phishing scam. Following the development, the altcoin price fell by approximately 12 percent.

Famous cryptocurrency trader fell victim to phishing attack!

As you follow from Kriptokoin.com, fraud cases in the crypto market are not uncommon. Phishing attacks have increased especially in recent times. On-chain analytics and data tracking platform LookOnChain announced that Kirill.eth, an address linked to Convex Finance, fell victim to a phishing scam. LookOnChain revealed that the scam resulted in the loss of 180.25 million BEAM, the native token of the Beam network. In this context, LookOnChain shared the following:

kirilm.eth was hit by a phishing attack 13 hours ago and lost 180.25 million BEAM ($5.14 million). The scammer quickly sold 180.25 million BEAM for 1,629 ETH ($4.6 million). This caused the BEAM price to drop by approximately 7%.

kirilm.eth was phishing attacked and lost 180.25M $BEAM($5.14M) 13 hours ago.

The scammer quickly sold the 180.25M $BEAM for 1,629 $ETH($4.6M), which caused the price of $BEAM to drop by ~7%. pic.twitter.com/ytcfYib2Kg

— Lookonchain (@lookonchain) February 16, 2024

Interestingly, this falls in line with the recent decline of the BEAM token. Additionally, it attracts great attention among crypto market enthusiasts. Meanwhile, derivatives data for the token also pointed to a bearish trend for BEAM in the market. This seems to have created a tidal wave in speculation regarding the cryptocurrency's progress.

Phishing scam led to altcoin price crash

According to data released by Lookonchain, the 'kirilm.eth' address gained significant attention, losing $5.14 million worth of BEAM. Notably, the scammer immediately sold the acquired BEAM for 1,629 ETH. Thus, causing the price to decline in the market. LookOnChain data showed a 7% drop in the token price after the scammer sold BEAM. This supported the bearish sentiments on cryptocurrency.

! [Altcoin] (https://img-cdn.gateio.im/resized-social/moments-6fe1d32d53-c56730b7be-e2294f-d8d215)In addition, Coinglass data showed a 10.47% decrease in the token's open interest. This further reflected the bearish sentiment. A price drop coinciding with a drop in open interest indicates a downtrend in the market. However, a jump in volume indicates that the market may be ready to enter a consolidation phase, according to data from Coinglass. Meanwhile, Trading View's data confirmed that the decline followed fraud and BEAM selling for ETH. At the time of writing, BEAM was trading at $0.2699, down 12% on the day.

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