ICP’s price fell below $5 after reports of fake wallet attacks shook investor confidence.
- ICP dropped over 5% in 24 hours, underperforming the broader market.
- Fake browser extensions targeted crypto wallets like MetaMask and Coinbase.
- Security firm links the attack to Russian-speaking hackers.
ICP Falls Sharply Amid Cybersecurity Concerns
Internet Computer (ICP) fell to $4.8373, down 5.18% in 24 hours. That’s a sharper drop than the CoinDesk 20 Index, which fell just around 2.5%. The dip came after a new security report warned about fake crypto wallet extensions stealing user data.
Security Report Uncovers Fake Wallet Extensions
Koi Security found over 40 fake add-ons on Firefox. These extensions looked like trusted wallets such as MetaMask and Coinbase. The fake tools reportedly stole credentials from users since April 2025. Some of them are still online. The attack has scared users and damaged trust in crypto tools.
Russian-Speaking Hackers Suspected
According to Koi Security, technical clues suggest Russian-speaking criminals are behind the attack. This adds new stress to a crypto market already dealing with inflation and unclear global rules. News of the hack drove selling pressure, causing ICP to fall quickly on July 3.
Price Pattern Shows High Volatility
Technical data shows ICP trading in a downward trend. The coin broke below support at $5.00. Key sell-offs happened at 12:00 and 20:00 UTC on July 3. These dumps came with high volumes. Between 05:52 and 06:51 UTC on July 4, ICP lost another 1.17%, falling below $4.90. ICP saw weak recovery near $4.89 but didn’t hold gains.
Fake Wallets Hurt Confidence in Self-Custody Tools
ICP is known for supporting full on-chain apps and self-custody. But these kinds of hacks make users nervous. Even if ICP wasn’t targeted directly, the fear around browser wallet safety affects all self-managed crypto products. This damages trust and can pull prices lower.
Source: coindesk.com
