The cryptocurrency market showed signs of recovery today after the heavy losses it suffered over the weekend. Leading crypto Bitcoin and many altcoins partially compensated for their losses. However, some tokens were frustrated by the problems they experienced. One of these was the DeFi altcoin Grand Base. The protocol suffered over $2 million in losses due to hacked private keys. After this, the hacker minted and sold GB tokens, causing a significant decline in the market. That’s why the value of GB was reset!
This DeFi altcoin project was hacked, its token price dropped to zero!
Blockchain security firm Cyvers shared some statements regarding the issue. Accordingly, the hacker managed to access the wallet of the Grand Base distributor. Thus, this initiated asset transactions, leading to the dramatic sale of assets worth approximately $2 million. This move led to a loss of more than 99% in the value of the GB token of the DeFi altcoin project. Cyvers Alerts shared the development in question with its followers as follows:
Today, Grandbase_fi faced a major security breach as its distributors’ wallet was compromised, allowing the attacker to mint GB tokens on BASEChain. Unauthorized transactions triggered a staggering drop in token value, with prices falling over 99%. GB tokens were exchanged for ETH, approximately 615 ETH, ($2 million) were bridged to ETH wallets.
Following this development, the token value was almost zero. GB dropped from $3.06 to $0.008 during the day. This means a 99.7% decrease. The DeFi altcoin is currently trading close to these levels. During this period, the token’s trading volume increased by over 700%. This points to the flight of investors.
The DeFi altcoin project also confirmed the attack!
Grand Base confirmed the attack on social media platform X. Additionally, the DeFi altcoin team stated that they were tracking hackers’ wallets. Additionally, they noted that they were actively working with CEXs to freeze funds.
“The incident demonstrates the vulnerability of Defi ecosystems!”
Cyvers analysts stated that they have rarely encountered such a breach in the Base network. Regarding the issue, Cyvers CEO Deddy Lavid underlined the following points:
With a loss of $2 million in unauthorized transactions, today’s breach at Grand Base clearly demonstrates the vulnerability of Defi ecosystems. The fact that the compromised dealer loses access control of his wallet raises concerns. It also highlights the urgency of increased security protocols and careful monitoring to guard against such devastating losses in the future.
Meanwhile, attacks on the industry last year caused a staggering $2 billion in losses. cryptokoin.comAs you follow from , we witnessed major attacks in January as well. During this period, hackers stole approximately $50 million from the market.
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