A recent cybersecurity report linking fake crypto wallet extensions to Russian-speaking hackers has intensified market fears, pushing Internet Computer’s ICP token below a crucial $5 support level.

ICP is currently trading at $4.8373, down 5.18% over the past 24 hours. This decline notably outpaces the broader crypto market, which, as measured by the CoinDesk 20 Index, fell by roughly half that amount.

The renewed selling pressure on ICP comes amid rising geopolitical tensions and cybersecurity concerns shaking the digital asset space. Cybersecurity firm Koi Security revealed a sophisticated network of malicious browser extensions targeting cryptocurrency users, further rattling investor confidence.

Their investigation uncovered over 40 fraudulent Firefox add-ons that impersonate popular wallets such as MetaMask and Coinbase. Many of these extensions remain available in browser stores and have reportedly been stealing sensitive user credentials since at least April 2025.

Technical indicators and linguistic patterns within the attack infrastructure suggest involvement of Russian-speaking actors, according to Koi’s findings. This revelation adds to the unease among crypto investors who are already contending with global regulatory fragmentation and uncertain macroeconomic conditions.

ICP’s price swiftly broke below the critical $5 support, a move confirmed by CoinDesk Research’s technical analysis. The downturn was accompanied by surges in trading volume during sharp selloffs at 12:00 and 20:00 UTC on July 3, highlighting the token’s susceptibility to risk-off sentiment amid cyber threat headlines and volatile market conditions.

The fake wallet extension scheme exploits the very trust users place in digital wallets to safeguard their assets, raising red flags about security vulnerabilities within decentralized ecosystems. For protocols like Internet Computer that emphasize on-chain infrastructure and self-custody, such exploits pose reputational risks that can weigh heavily on market sentiment—even if the protocol itself isn’t directly compromised.

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Technical Analysis Summary

(All times UTC)

• ICP declined 4.3%, closing at $4.8373 between July 3 07:00 and July 4 06:00.
• Price action formed a descending channel, with resistance near $5.13 and a clear breakdown below $5.00.
• Significant selloffs occurred at 12:00 and 20:00 on July 3, with volumes exceeding average levels.
• The token’s trading range was $0.26 (5.1%), reflecting elevated volatility.
• A 1.17% price drop took place between 05:52 and 06:51 on July 4, dipping below $4.90.
• Temporary support formed around $4.88 at 06:30, followed by a mild rebound stalling near $4.89.
• Trading volume spiked above 94,000 units between 06:27 and 06:30, likely indicating institutional participation.
• The final minutes showed consolidation with low volatility, suggesting a possible range-bound phase ahead.

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