Phishing Scam Results in Loss of 180.25 Million BEAM
Recently, LookOnChain revealed that Kirill.eth, an address associated with Convex Finance, was the victim of a phishing scam that resulted in the loss of 180.25 million BEAM, Beam network’s native cryptocurrency. The incident coincided with a significant decline in the BEAM token’s value, attracting considerable attention from the crypto community.
Phishing Scam Births Price Slump
Lookonchain data indicated that the address ‘kirilm.eth’ lost $5.14 million worth of BEAM, leading to a 7% decrease in the token’s price after the scammer sold the acquired BEAM for 1,629 ETH. This prompted bearish sentiments in the market. Coinglass data also reflected a 10.47% decline in the token’s open interest, aligning with a general downtrend. However, an increase in volume suggested a potential consolidation phase.
BEAM Price Drops
The price of BEAM experienced a 9.34% drop over 24 hours, currently trading at $0.02675. The phishing scam significantly contributed to this decline and continued to fuel expectations of further bearish movement.
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