At the Grand Base platform, which is used for tokenizing digital assets on the secondary Base network (a layer 2 solution), a significant security incident occurred.
Based on reports from cybersecurity company Cyvers, a security incident took place on Grand Base’s deployer wallet. This allowed an attacker to seize complete authority to generate the Defi protocol’s native token, GB. Consequently, the value of Grand Base dropped dramatically by almost 99%.
🚨WARNING🚨Today, the security of @grandbase_fi was compromised when an attacker gained unauthorized access to their deployer’s digital wallet on #BASEChain. This breach allowed the malicious actor to mint large amounts of $GB tokens, leading to a steep decrease in the token’s value as prices dropped dramatically.
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) April 15, 2024
An intruder exchanged 615 Ether for the GB tokens in the attack. Cybersecurity experts shared unique perspectives on this occurrence with crypto.news, noting that similar incidents are uncommon on the Base network.
“Grand Base suffered a significant setback today with $2M worth of unauthorized transactions, highlighting the risks inherent in Decentralized Finance (Defi) systems. The attacker managed to bypass the access controls on the compromised deployer’s wallet, underlining the need for robust security measures and constant vigilance to prevent such costly breaches from recurring.”
– Deddy Lavid, CEO at Cyvers
Grand Base has acknowledged the hack on social media, announcing that they have traced the hacker’s digital wallets and are collaborating with cryptocurrency exchanges to prevent further transactions and secure the stolen funds.
An important update:
On April 15 at 03:01:27 AM +UTC, an exploit happened.
For this specific reason, we urge all our community members to stay away from this contract as it is not safe anymore.
As everyone saw, we have been exploited and the LP was drained. We are working…
— Grand Base (@grandbase_fi) April 15, 2024
In the previous year, the crypto industry suffered a significant loss of around $2 billion due to hacking activities. The beginning of this year was marked by a large number of cyberattacks, resulting in approximately $50 million being taken from the market.
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-04-15 17:26