A sophisticated phishing scam has targeted the Ethereum address “kirilm.eth,” resulting in the theft of 180.25 million BEAM tokens worth $5.14 million. The attack occurred approximately 13 hours ago, on February 16, 2024.
https://twitter.com/lookonchain/status/1758364422303891601
The scammer liquidated the stolen BEAM tokens, exchanging them for 1,629 ETH valued at $4.6 million. This swift sell-off significantly impacted the price of BEAM.
Since the incident, the $BEAM price has shown a bearish trend in the last 24 hours chart, by 10%, trading at $0.027.
Kirilm.eth, the phishing scam victim, is believed to be a cryptocurrency trader. Details on how the hacker gained access to the wallet have not yet been released.
Phishing scams involve duping victims into revealing login credentials or private keys, granting the hacker full access. These types of crypto frauds have been on the rise as digital assets gain popularity.
Experts urge crypto holders to take precautionary steps to keep their assets safe. This includes using hardware wallets, being wary of suspicious links and attachments, and never revealing private account information. Multi-factor authentication is also highly recommended.
Also Read: The Crypto Scam Epidemic: Understanding the Risks and How to Protect Yourself
While the scammer’s identity remains unknown, the sudden liquidation of a large amount of BEAM is closely monitored by exchanges. The price crash shows the potential ripple effect such illicit sell-offs can create.
Investigators are tracking the stolen funds and working to identify the perpetrator behind this multi-million-dollar crypto heist. The case underscores the pressing need for enhanced security to protect traders against phishing and other types of crypto fraud.
Also Read: Trezor Issues Security Alert Post Phishing and Data Breach
