984M BEAM stolen, then burned – The move that turned a hack into a pump

BEAM is retracing after days of a strong upswing. After Binance was hacked three days ago, the attacker stole 984 million BEAM. In response, the team made a completely unexpected move, burning all the stolen funds while they sat in the attacker's wallet. As such, the attacker never got to sell these tokens. This token burn reduced supply, increased scarcity, and resulted in a price pump. As a result, BEAM climbed to a high of $0.0063. Since then, however, this momentum has faded, and the altcoin has retraced. In doing so, BEAM breached $0.006 and fell below $0.005, touching a low of $0.0048. As of this writing, BEAM was trading around $0.0049, down 15% on the daily charts.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to AMBCrypto.