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Developers Explain Why Binance-Listed Altcoin Plummeted by 50% in Just One Week
Binance-Listed Altcoin Plummeted by 50% in Just One Week: Developers Provide Insight
The significant drop in the price of a popular altcoin listed on Binance over the past week has sparked discussions.
Author:
Mete Demiralp
12.06.2024 – 17:17
Update:
42 mins ago
0
Highstreet (HIGH), an altcoin listed on the renowned cryptocurrency exchange Binance, has witnessed a steep decline in its token value within the last week.
The token’s price tumbled 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 carried out. Malicious actors initially acquired tokens from the South Korean exchange Bithumb and then funneled them through the BSC bridge, effectively masking their identities and making it challenging for the Highstreet team to identify the attacker.
CoinMarketCap chart illustrating the drop in HIGH price over the past week.
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“We have recently conducted an investigation into the recent price fluctuations of Highstreet. Our findings confirm that these fluctuations stem from a malicious attack on our community,” stated the Highstreet developers. They further disclosed that the attacker withdrew 20 million tokens, with 9 million directly from a Korean exchange.
In light of this incident, the Highstreet team urged all investors to exercise caution and remain vigilant. Addressing the fraud allegations leveled against them, developers stated:
“Highstreet has no intention of undermining its own project, particularly considering our recognition as a top 50 partnership and the upcoming staking launch with Gudchain.”
*This does not constitute investment advice.
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