Mimblewimble-based privacy coin Beam (BEAM) experienced a 7% price slump earlier today due to large offloading by a single wallet address.
A tweet by blockchain analytics platform Lookonchain revealed that the offloaded assets were stolen in a phishing attack that occurred on February 15.
BEAM Holder Falls for Phishing Attack
According to Lookonchain, the phishing attack was executed on a wallet address labeled kirilm.eth. The attacker made away with over 180 million BEAM tokens in two transactions containing 153.2 million BEAM and 27 million BEAM. The assets were worth roughly $5.14 million at the time of the incident.
To secure the funds, the malicious actor quickly sold the 180.25 million BEAM for 1,629 ether (ETH) worth roughly $4.6 million, causing the former’s price to plummet by approximately 7%. A screenshot shared by the blockchain analytics platform showed that BEAM’s price dropped to $0.028 after the incident.
At the time of writing, BEAM had recovered slightly and was c
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