Trader Loses 180 Million BEAM Tokens Through Phishing

Lookonchain, a blockchain analytics platform, revealed a crypto investor who lost over 180 million BEAM tokens in a phishing attack on Wednesday. 

The event was made public by Lookonchain in a post on X, discussing a recent cryptocurrency scam that happened on Feb. 15. The platform found that a hacking attack targeted an address called “Kirilm. eth” with the address 0x83664B8a83b9845Ac7b177DF86d0F5BF3b7739AD. This attack resulted in the theft of millions of BEAM tokens.

The victim, known as crypto dealer Kirill Marinov, lost 180.25 million BEAM tokens worth about $5.14 million. The tokens were sent to an account called “Fake_Phishing291038.”

kirilm.eth was phishing attacked and lost 180.25M $BEAM($5.14M) 13 hours ago.

The scammer quickly sold the 180.25M $BEAM for 1,629 $ETH($4.6M), which caused the price of $BEAM to drop by ~7%.https://t.co/x8epiNx4Qa pic.twitter.com/ytcfYib2Kg

— Lookonchain (@lookonchain) February 16, 2024

After stealing BEAM coins, the thief quickly sold them for 1,629 ETH, worth about $4.6 million.

On Feb. 16, Scam Sniffer, a Web3 anti-scam tool, emphasized that the victim approved an “increase allowance” transaction without knowing it, which gave the scammer access to the tokens. 

victim signed an `increaseAllowance` transaction,
and the token spender is a Safe wallet address.https://t.co/xqF8dNm39S pic.twitter.com/pwTH0ZarZw

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) February 16, 2024

At this point, more information about the victim’s name and the exact method used by the scammer has not been made public.

Phishing attacks are still a common way for crypto-related scammers to take advantage of the weaknesses of both new and experienced buyers. These schemes use dishonest techniques to get people to give up their private keys or login information. 

BEAM Token Current Trend

The value of the BEAM token dropped from $0.030 to the $0.028 range after it was stolen and then converted to ETH.

The Merit Circle DAO runs the Beam Network, a gaming platform that encourages developers and gamers to work together to improve the gaming business. The network’s philosophy promotes community empowerment, ownership, and harmony in the gaming environment.

According to CoinMarketCap data, the BEAM token is trading at $0.0974, reflecting a 2.77% decrease within the past hour and a 9.3% decline from its previous 24-hour trading price. CoinMarketCap data indicates a 25.7% reduction in the token’s daily trading volume over the last 24 hours, positioning it at the #104 rank with a trading volume of $61.4 million.