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Highlights
- An address related to Covex Finance recently fell victim to a phishing scam.
- The phishing scam resulted in the loss of nearly $5 million worth of BEAM.
- BEAM price drops nearly 10%.
In an exhilarating twist of events, LookOnChain recently revealed that Kirill.eth, an address linked to Convex Finance, fell victim to a phishing scam yesterday, February 15, resulting in the loss of 180.25 million BEAM, the native cryptocurrency of the Beam network. Intriguingly, this appears to be falling in line with the recent plunge witnessed by the BEAM token, nabbing significant attention among crypto market enthusiasts.
Meanwhile, the derivatives data for the token also signaled a downtrend for BEAM in the market. This appears to have birthed a tidal wave of speculations for the cryptocurrency’s run ahead.
Phishing Scam Births Price Slump
According to the data revealed by Lookonchain, the address ‘kirilm.eth’ lost BEAM worth $5.14 million, garnering noteworthy interest. Notably, the scammer promptly sold the acquired BEAM for 1,629 ETH, causing the price to take a bearish turn within the market. The data showcased by LookOnChain illustrated a 7% drop in the token’s price following the scammer’s selling of BEAM, propelling bearish thoughts on the token.
Additionally, the data offered by Coinglass further mirrored this sentiment, portraying a 10.47% plunge in the token’s open interest. The price fall, coinciding with the open interest drop, signals a downtrend within the market. However, a jump noted in the volume, as per Coinglass’ data, hints that the market might be ready to enter a consolidation phase.
Meanwhile, Trading View’s data confirmed that the plunge followed the phishing scam and selling of BEAM for ETH.
Also Read: Cathie Wood Ark Offloads $31M Coinbase Shares Post-Earnings As Price Hit 2-Yr High
BEAM Price Drops
As of writing, the beam price noted a drop of 9.34% over the past 24 hours and is currently trading at $0.02675. The substantial drop showcased by the token comes primarily as a result of the token’s phishing scam. Moreover, the price chart continued a downward momentum even after the scam, birthing sentiments for a bearish movement ahead.
Also Read: Crypto Options Expiry Sparks Optimism Amid Chinese New Year Rebound
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