A recent phishing scheme has rocked the Beam network, resulting in the loss of a significant amount of its native cryptocurrency, BEAM.
According to a report from on-chain source Spotonchain, 181 million BEAM tokens, valued at $4.63 million, were lost on February 15th.
The target of the scheme was Kirill.eth, an address associated with Convex Finance, drawing attention from cryptocurrency enthusiasts and investors.
Three wallets fell victim to fake phishing and had 181M $BEAM ($4.63M) stolen in the past 11 hours!
The scammer(s) then dumped all those $BEAM for 1,639 $ETH at ~$0.0256, causing the price to drop ~6.7%.
Please be cautious of phishing attempts and acquaint yourself with common… pic.twitter.com/8XmFEc1vso
— Spot On Chain (@spotonchain) February 16, 2024
The phishing attack affected three wallets connected to Convex Finance, leading to the theft of the substantial amount of BEAM tokens.
The perpetrators then proceeded to liquidate the stolen tokens, exchanging them for 1,639 ETH at approximately $0.0256 per token. This swift action caused a significant drop in the price of BEAM, with the value decreasing by up to 7%.
Merit Circle DAO, Team Behind BEAM Network Confirms 37 Billion BEAM Burned
In response to the incident, Merit Circle DAO, the entity behind the Beam Network, disclosed that a total of 37,414,586,716 BEAM tokens have been burned as of the latest update. This move aims to mitigate the impact of the loss and stabilize the network following the security breach.
How much $BEAM burned to date?
Check the Beam Burn counter by @sub_research 🌈 🚒 https://t.co/7OfVNgW7oU
Converted to $BEAM, a grand total of 37,414,586,716 $BEAM has been burned as of today. pic.twitter.com/LvU4QNh3hW
— Merit Circle (@MeritCircle_IO) February 16, 2024
The phishing attack underscores the importance of robust security measures within the cryptocurrency space. As digital assets continue to gain prominence, ensuring the protection of user funds and safeguarding against fraudulent activities become paramount.
The Beam Network, like many other blockchain projects, must remain vigilant in detecting and thwarting potential threats to maintain the trust and confidence of its community and investors.
Despite the setback caused by the phishing scheme, the Beam Network remains committed to its mission of fostering a secure and efficient decentralized ecosystem.
Moving forward, the network will likely implement enhanced security protocols to prevent similar incidents and uphold the integrity of its platform.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: sasun1990/123RF // Image Effects by Colorcinch