Cryptocurrency Market ‘RIGGED’: How Crypto Became Victims of ‘Beam-Down’ Manipulation
The cryptocurrency market has long been known for its volatility and unpredictability, but in recent times it has become increasingly notorious for its manipulative tactics by scammers and hackers. One of the most damaging and widespread examples is the phenomenon of ‘crypto rugpulling’, where a group of investors are wiped out, losing all of their assets in a single transaction.
At the center of this scheme is Beam (BEAM), a cryptocurrency project that promised users a return on investment with minimal risk. However, after an initial public offering (IPO) and subsequent fundraising campaigns, it became clear that something was wrong. The platform’s development team disappeared, leaving behind a trail of empty promises and lost funds.
One of the first signs of trouble came when Beam announced plans to launch its native cryptocurrency, the BEAM token. Investors were hyped as “getting in on the ground floor,” with promised returns of up to 1000% in just a short period of time. However, as soon as the token began trading, investors realized something was wrong. The project’s whitepaper and roadmap revealed a lack of clarity and transparency, while the development team was nowhere to be found.
As more investors withdrew their money, the market for BEAM began to collapse. In an attempt to cover up their losses, Beam’s developers released a new “update” that promised to fix some of the platform’s issues. However, it quickly became clear that this update was nothing more than a smokescreen, designed to distract from the fact that the platform had been completely dismantled.
Meanwhile, on social media and online forums, investors were being called out by their peers for getting into Beam before its market value plummeted. Some even claimed to have lost tens of thousands of dollars to the project’s supposedly “revolutionary” technology.
Smart Contract Sabotage
One of the main factors that contributed to Beam’s demise was the lack of a secure smart contract. The platform used a decentralized application (dApp) framework, but lacked any significant security features or testing protocols. When an investor tried to withdraw their funds, they would receive a cryptic error message that sent them on a wild goose chase across the network.
It wasn’t until a team of independent security experts, including blockchain analytics firm Chainalysis, revealed the truth behind Beam’s smart contract vulnerabilities that investors began to wake up. The experts discovered that Beam had used an insecure implementation of the Solidity programming language, which allowed hackers to exploit and manipulate the platform’s code.
The consequences were severe. In a shocking exposé published online, Chainalysis discovered that Beam was using its own security tools against users, exploiting vulnerabilities in the network to steal funds and extort money from investors. The company’s leadership was eventually forced to shut down the platform, leaving thousands of investors to bear their losses.
The Importance of Due Diligence
Ultimately, Beam’s success serves as a stark warning to anyone considering investing in any cryptocurrency project. One of the most critical aspects of investing in crypto is due diligence – carefully researching and evaluating the founders, development team, and technology of the project before investing your money in it.
“Beam was a classic example of a ‘get rich quick’ scheme,” said one investor who lost his entire investment. “The more I learned about the project, the more I realized something was wrong. It’s a cautionary tale for anyone looking to get in on the ground floor of any cryptocurrency.”
Conclusion
Beam’s rise and fall serves as a reminder that crypto is not a reliable or safe place to invest.