DeFi Protocol Grand Base Hacked: Over $2 Million Lost
Monday, 15 April 2024, 14:44
DeFi Hack: Over $2 Million Vanishes
The Grand Base DeFi protocol faced a major security breach that resulted in losses exceeding $2 million. The exploit involved a compromised private key, leading to unauthorized transactions and severe market instability.
Implications of the Hack
- The breach compromised the integrity of the project's token value, causing over 99% slippage.
- The attacker minted new tokens post-breach, exacerbating the financial damage.
- Transactions totaling 206 and 319 ETH were moved to external addresses, underscoring the severity of the hack.
Analysts emphasize the urgent need for enhanced security measures to prevent similar incidents in the future.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.