Binance-Listed Altcoin Dropped 50 Percent in the Last Week: Developers Explained Why

Highstreet (HIGH), an altcoin listed on the cryptocurrency exchange Binance, has experienced a significant decline in its token price in the last week.

The value of the token dropped from a high of $8.87 to a low of $2.89. According to the developers, this drastic drop was the result of a malicious attack that led to the sale of 20 million tokens.

The attack was meticulously planned and executed. Malicious actors initially purchased tokens from the South Korean exchange Bithumb and then laundered them through the BSC bridge. This strategy effectively concealed their identities, making it difficult for the Highstreet team to detect the attacker.

CoinMarketCap chart showing the decline in the HIGH price over the last week.

“We recently conducted an investigation into Highstreet’s recent price movements. Our findings confirmed that these movements were the result of a malicious attack on our community,” Highstreet developers said in a statement. said. They also revealed that the attacker withdrew 20 million tokens, 9 million of which were directly from a Korean exchange.

The Highstreet team called on all investors to be careful and stay alert following this incident. Developers responded to the fraud allegations against them as follows:

“Highstreet has no intention of undermining its own project, especially in light of our recognition as one of the top 50 partnerships and the upcoming staking launch with Gudchain.”

*This is not investment advice.

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