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Altcoin Plummets by 50% in a Week on Binance: Developers Shed Light on the Reasons Behind the Decline
Altcoin Plummets by 50% in a Week on Binance: Developers Shed Light on the Reasons Behind the Decline
The sudden decrease in the value of a well-known altcoin listed on Binance over the past week has sparked conversations within the crypto community.
Author:
Mete Demiralp
12.06.2024 – 17:17
Update:
42 mins ago
0
Highstreet (HIGH), an altcoin showcased on the popular cryptocurrency platform Binance, has witnessed a significant drop in its token price in recent days.
The token’s value plummeted from a peak of $8.87 to a low of $2.89. Developers attribute this sharp decline to a malicious attack that resulted in the sale of 20 million tokens.
The attack was carefully orchestrated and executed. Malevolent actors initially procured tokens from the South Korean exchange Bithumb and then funneled them through the BSC bridge. By employing this method, they managed to conceal their identities effectively, making it challenging for the Highstreet team to identify the perpetrator.
CoinMarketCap’s chart depicts the downward trend in HIGH’s price over the past week.
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“Following a thorough investigation into the recent price fluctuations of Highstreet, we have confirmed that these movements were triggered by a malicious attack on our community,” stated the Highstreet developers. Additionally, they disclosed that the attacker withdrew 20 million tokens, with 9 million directly sourced from a Korean exchange.
In light of this incident, the Highstreet team urges all investors to exercise caution and remain vigilant. Addressing the allegations of fraud leveled against them, developers stated:
“Highstreet remains committed to the success of our project, especially given our recognition as a top 50 partner and the upcoming launch of staking with Gudchain.”
*This does not constitute investment advice.
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