Crypto Scam Alert: BEAM Token Heist Leads to $5.1M Loss and Price Drop
According to Lookonchain, a blockchain analytics platform, a crypto trader fell victim to a phishing attack resulting in the theft of 180 million BEAM tokens and impacting the token’s price. The incident was exposed in a post by Lookonchain, which revealed that the address ‘Kirilm.eth’ was targeted in the scam, leading to the loss of approximately $5.14 million worth of BEAM tokens. The scammer quickly sold the stolen tokens for 1,629 ETH, causing a 7% drop in the BEAM token’s price. The victim, identified as Kirill Marinov, unknowingly gave the scammer access to the tokens through an ‘increase allowance’ transaction. Phishing scams continue to be a popular method for crypto-related crimes, with scammers exploiting the naivety of inexperienced investors. Experts advise all investors to remain vigilant and take the necessary precautions to safeguard their assets. Despite the recent scam, the BEAM token still recorded a 32.9% increase in the past week, and its trust score in the spot markets remains unaffected.