The ICP token of Internet Computer dropped below the key $5 mark amid reports tying a wave of fake cryptocurrency wallet extensions to Russian-speaking hackers. This development has raised investor concerns, contributing to the token’s recent decline.
Currently priced around $4.84, ICP has fallen more than 5% in the past day, which is a steeper drop than the broader crypto market as represented by the CoinDesk 20 Index, which declined about half as much.
Cybersecurity firm Koi Security discovered over 40 fraudulent Firefox browser extensions masquerading as popular wallets such as MetaMask and Coinbase. Many of these malicious extensions are still available in browser stores and have been stealing user data since at least April 2025.
Based on technical analysis and language patterns, these attacks are believed to originate from Russian-speaking actors. This revelation adds to investor unease amid ongoing geopolitical tensions and uncertain regulatory conditions in the crypto space.
Following the news, ICP’s price decisively broke through support at $5, with CoinDesk Research noting a descending price channel and notable sell-offs around noon and evening UTC on July 3, both accompanied by higher-than-average trading volumes.
This scam preys on users’ trust in wallet extensions, exposing security weaknesses in decentralized systems. For Internet Computer, which relies heavily on on-chain infrastructure and self-custody, such incidents can harm its reputation and negatively affect market sentiment—even though the underlying protocol remains intact.
Technical Summary (All times UTC):
- ICP dropped 4.3% to close at $4.84 between July 3, 07:00, and July 4, 06:00.
- The token moved within a descending channel, breaking below the $5 support line with resistance near $5.13.
- Significant sell-offs occurred at 12:00 and 20:00 on July 3, with spikes in trading volume.
- The trading range for ICP was $0.26, marking a 5.1% increase in volatility.
- Between 05:52 and 06:51 on July 4, ICP fell 1.17%, dipping below $4.90.
- Temporary support formed around $4.88 at 06:30, followed by a slight rebound to approximately $4.89.
- Trading volume surged above 94,000 units between 06:27 and 06:30, potentially indicating institutional buying.
- The final trading session saw low volatility and consolidation, suggesting a phase of range-bound movement.
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