The 180.25 million BEAM was swiftly sold by a malicious actor for 1,629 ether (ETH), which is roughly equivalent to $4.6 million. This caused a 7% decline in the price of the former.
$5.14 million is lost by cryptocurrency trader “Kirilm eth” in a BEAM scam.
A significant dumping by a single wallet address earlier today caused the price of Mimblewimble-based privacy coin Beam (BEAM) to drop by 7%.
The offloaded assets were taken during a phishing assault on February 15, according to a tweet from blockchain analytics firm Lookonchain.
BEAM Holder Accused of Phishing
Lookonchain claims that a wallet address with the address kirilm.eth was used to carry out the phishing assault. In two transactions totaling 153.2 million and 27 million BEAM tokens, the attacker managed to get away with almost 180 million BEAM. At the time of the occurrence, the assets were estimated to be worth $5.14 million.
The 180.25 million BEAM was promptly sold by the malicious actor for 1,629 ether (ETH), or about $4.6 million, in order to obtain the money, which caused the price of the former to fall by almost 7%. Following the event, BEAM’s price fell to $0.028 according to a screenshot released by the blockchain analytics portal. As of this writing, BEAM was trading at $0.097, having somewhat rebounded, according to CoinMarketCap data.
Additional Phishing Attacks
With Kirilm. eth’s experience, the number of stories of cryptocurrency investors losing their holdings to unscrupulous parties through phishing scams is rapidly increasing.
Aave Ethereum Wrapped ETH (aEthWETH) and Aave Ethereum Uniswap (aEthUNI) investors lost $4.2 million less than a month ago when they fell for a phishing scheme that used a forged ERC-20 authorization signature. The investor’s identity has not been revealed.
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The victim mistakenly used a hacked ERC-20 permission to sign several transaction approvals, as reported by CryptoPotato. To get around security alarms, an opcode contract altered the signature.
In a separate incident earlier this year, phishing hackers stole 52 staked Ethereum (stETH), which were valued at $125,000, from Bill Lou, the CEO and co-founder of the security-focused cryptocurrency wallet app Nest Wallet. Lou tried to redeem an airdrop but was tricked by a bogus website that claimed to be the official LFG token platform.
For Ethereum users who have spent more than $4,269 on transaction fees since 2016, the LFG airdrop—which stands for “less fees and gas”—was created as a reward.
The cryptocurrency community has been cautioned by blockchain security company SlowMist to be cautious when reading comments under tweets from well-known projects, as 80% of them are fraudulent and originate from phishing scam accounts.