An alarming security breach at Convex Finance has led to the theft of 180.25 million BEAM tokens from the wallet of a user known as kirill.eth, following a phishing attack. The event, occurring on February 15, has led to a noticeable slump in BEAM’s market price, drawing the attention of crypto investors and analysts alike.
BEAM’s Market Value Plummets After Theft
The aftermath of the theft was immediately evident as the cybercriminal liquidated the BEAM tokens for roughly 1,629 Ethereum (ETH). As a consequence, BEAM’s value experienced a 7% downturn, equivalent to a financial hit of nearly $5.14 million.
In tandem with the price decline, derivative market data for BEAM portrayed a souring market mood. According to Coinglass, open interest in BEAM plummeted by over 10%, hinting at investor wariness. However, a spike in trading volume for BEAM indicates a potential stabilization phase might be on the horizon.
The ripple effects of the phishing attack have sparked debates and concerns about the future market behavior of BEAM. The crypto community now keeps a vigilant eye on the unfolding situation, gauging its implications for the broader market and investor sentiment.
Despite the current cautious stance held by some market analysts, the episode has raised questions about the altcoin’s security measures and its susceptibility to further exploits.
BEAM’s Price Trend in the Wake of Theft
Recent figures from CoinMarketCap underscore the adverse impact on BEAM’s valuation post-hack. The cryptocurrency is currently trading at a decreased value of $0.02675, marking a 9.34% decline over the past day.