980 million BEAMX in a hacker’s hands, burned by the foundation
First, what happened—and where I stand: I’m bullish on the burn, but I wouldn’t chase the rally at these levels.
On October 29, Binance’s hot wallet was drained. Binance’s own estimate put the losses at $6.3 billion, and 984 million BEAMX were sitting in the hacker’s wallet.
At the time, they were worth only around $3.3 million—not even a drop in the bucket compared with $6.3 billion.
But the Beam Foundation moved insanely fast. Using multisig, it remotely burned all 984 million tokens before the hacker could dump them. The coins were gone before they could hit the market.
Other tokens affected in the same incident included SNX and SAND, which were moved and frozen. BEAMX was the only one burned outright—wiped out in one go.
Damn, that was ruthless—and effective.
Now let’s see if the price is impressed.
On October 30, BEAMX surged from 0.003225 to 0.005433, closing the day at 0.004642 and pushing past its October 23 high of 0.00356.
Volume exploded that day. Just the KRW pair on Upbit did $57 million.
Today it pushed higher again, hitting a 24-hour high of 0.006381. As I write this, it’s pulled back to around 0.00551, still up 9.3% over 24 hours, with $180 million in futures volume.
The longer-term numbers are even wilder: up 49% in five days, 133% in a month, and 157% in six months. This isn’t just a one-day spike—it’s been trending upward since June.
Here’s the bull case.
The burn wiped out the hacker’s potential selling pressure in advance. The would-be dumper is out of tokens, so the remaining supply is naturally lighter.
The trend is on the bulls’ side, too. The uptrend that began in June is intact, and today’s high is a new one. Funding is only 0.0086%, so leverage isn’t overheated.
The bears have their say, too.
The $3.3 million worth of tokens burned was only a little over 1% of the $246 million market cap around October 30. The fundamentals haven’t changed one bit; this is purely sentiment-driven pricing.
In an October 31 analysis, the daily RSI was already at 82—deep in overbought territory. Today’s pullback from 0.006381 to 0.00551 gave back around 14% in one shot. Anyone who chased the top is already stuck holding the bag.
There’s something else that makes me uneasy: if someone can remotely burn tokens in another person’s wallet, that says a lot about how much control the project has. Today it was the hacker’s tokens—but who knows whose tokens that key could burn next?
My take.
I’m on the bulls’ side, but I believe in the trend, not chasing highs.
The burn is real, and so is the trend—but so is the overbought signal. All three are true, which means don’t chase; wait for a pullback.
A firm close above 0.006381 would confirm that a second wave is really starting. First target overhead: the round-number level at 0.007.
A drop below 0.00535, the 24-hour average price, would mean this burst of sentiment has fizzled out. First, watch today’s low at 0.0049; below that is the demand zone around 0.00445.
At this level, I’m just watching to see whether it can firmly reclaim 0.006381. If it can’t, I’ll just watch the show. If it can, then we’ll talk.
Which side are you on?
Does it hold above 0.006381 and keep burning higher, or fall below 0.00535, lose steam, and head back to 0.0049?
I’m leaning toward the first—but only if it can close firmly above, not just briefly touch it. What about you?
$BEAMX $BTC $ETH
#Beam #GameFi
First, what happened—and where I stand: I’m bullish on the burn, but I wouldn’t chase the rally at these levels.
On October 29, Binance’s hot wallet was drained. Binance’s own estimate put the losses at $6.3 billion, and 984 million BEAMX were sitting in the hacker’s wallet.
At the time, they were worth only around $3.3 million—not even a drop in the bucket compared with $6.3 billion.
But the Beam Foundation moved insanely fast. Using multisig, it remotely burned all 984 million tokens before the hacker could dump them. The coins were gone before they could hit the market.
Other tokens affected in the same incident included SNX and SAND, which were moved and frozen. BEAMX was the only one burned outright—wiped out in one go.
Damn, that was ruthless—and effective.
Now let’s see if the price is impressed.
On October 30, BEAMX surged from 0.003225 to 0.005433, closing the day at 0.004642 and pushing past its October 23 high of 0.00356.
Volume exploded that day. Just the KRW pair on Upbit did $57 million.
Today it pushed higher again, hitting a 24-hour high of 0.006381. As I write this, it’s pulled back to around 0.00551, still up 9.3% over 24 hours, with $180 million in futures volume.
The longer-term numbers are even wilder: up 49% in five days, 133% in a month, and 157% in six months. This isn’t just a one-day spike—it’s been trending upward since June.
Here’s the bull case.
The burn wiped out the hacker’s potential selling pressure in advance. The would-be dumper is out of tokens, so the remaining supply is naturally lighter.
The trend is on the bulls’ side, too. The uptrend that began in June is intact, and today’s high is a new one. Funding is only 0.0086%, so leverage isn’t overheated.
The bears have their say, too.
The $3.3 million worth of tokens burned was only a little over 1% of the $246 million market cap around October 30. The fundamentals haven’t changed one bit; this is purely sentiment-driven pricing.
In an October 31 analysis, the daily RSI was already at 82—deep in overbought territory. Today’s pullback from 0.006381 to 0.00551 gave back around 14% in one shot. Anyone who chased the top is already stuck holding the bag.
There’s something else that makes me uneasy: if someone can remotely burn tokens in another person’s wallet, that says a lot about how much control the project has. Today it was the hacker’s tokens—but who knows whose tokens that key could burn next?
My take.
I’m on the bulls’ side, but I believe in the trend, not chasing highs.
The burn is real, and so is the trend—but so is the overbought signal. All three are true, which means don’t chase; wait for a pullback.
A firm close above 0.006381 would confirm that a second wave is really starting. First target overhead: the round-number level at 0.007.
A drop below 0.00535, the 24-hour average price, would mean this burst of sentiment has fizzled out. First, watch today’s low at 0.0049; below that is the demand zone around 0.00445.
At this level, I’m just watching to see whether it can firmly reclaim 0.006381. If it can’t, I’ll just watch the show. If it can, then we’ll talk.
Which side are you on?
Does it hold above 0.006381 and keep burning higher, or fall below 0.00535, lose steam, and head back to 0.0049?
I’m leaning toward the first—but only if it can close firmly above, not just briefly touch it. What about you?
$BEAMX $BTC $ETH
#Beam #GameFi
