Internet Computer’s ICP Token Faces Downward Momentum Amid Russian Malware Campaign

Market concerns deepened as reports surfaced linking a wave of fake cryptocurrency wallet extensions to Russian-speaking hackers, placing added downward pressure on Internet Computer’s ICP token, which fell below the important $5 support level.

ICP is currently trading near $4.84, down over 5% in the last 24 hours—a steeper decline than the broader cryptocurrency market, where the CoinDesk 20 Index recorded roughly half that drop.

The increased selling pressure on ICP coincides with growing geopolitical and cybersecurity worries impacting digital assets. Koi Security, a cybersecurity firm, uncovered a sophisticated campaign involving over 40 fraudulent Firefox browser extensions impersonating well-known wallets like MetaMask and Coinbase. These extensions, many still available in browser stores, have reportedly been stealing users’ credentials since at least April 2025.

Technical evidence and language patterns linked the campaign to Russian-speaking actors, heightening investor concerns amid an already complex regulatory and macroeconomic environment.

Following these revelations, ICP’s price decisively broke below $5, as confirmed by CoinDesk Research’s technical analysis. Sharp selloffs at 12:00 and 20:00 UTC on July 3 were accompanied by increased trading volume, underscoring the token’s vulnerability to risk-off sentiment amid cybersecurity fears.

The scheme exploits the fundamental trust users place in digital wallets to secure their crypto assets, raising serious questions about security risks within decentralized ecosystems. For projects like Internet Computer, which emphasize on-chain infrastructure and self-custody, such incidents can damage reputation and weigh on investor confidence—even when the core protocol remains uncompromised.

Technical Summary (UTC Times)

ICP fell 4.3% to close at $4.84 between July 3 07:00 and July 4 06:00.
Price movement formed a descending channel with resistance near $5.13 and a confirmed break below $5.00.
Notable selloffs occurred at 12:00 and 20:00 on July 3, with trading volumes surpassing averages.
The token’s trading range was $0.26, representing a 5.1% volatility spike.
Between 05:52 and 06:51 on July 4, ICP dropped 1.17% below $4.90.
Temporary support appeared around $4.88 at 06:30, followed by a brief rebound to about $4.89.
Trading volume spiked above 94,000 units between 06:27 and 06:30, possibly indicating institutional activity.
The final period showed low volatility and consolidation, hinting at a range-bound market phase.