Bittime - The cryptocurrency world has been shocked again by a major hacking incident. This time, a DeFi (Decentralized Finance) platform called Grand Base which operates on the Base Layer 2 network became the victim.
According to security firm web3 Cyvers, the hack occurred on the Grand Base "deployer" wallet. Hackers managed to gain full access to mint the DeFi protocol's native token, namely GB. As a result, the price of Grand Base immediately fell by almost 99%.
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Source: X (Twitter)
This cybercriminal then exchanged the stolen GB tokens for 615 ETH (Ethereum). Reporting from crypto.news, Cyvers, who analyzed this incident, stated that the DeFi ecosystem is still vulnerable. They stressed that hacks like this are rare on the Base network.
Also read: What is Base, Coinbase?
"With $2 million lost due to unauthorized transactions, today's hack at Grand Base is a clear example of the vulnerability of the DeFi ecosystem. Hacked deployer wallets and loss of access controls raise concerns. This emphasizes the importance of enhanced security protocols and strict monitoring to prevent major losses in the future future," said Deddy Lavid, CEO of Cyvers.
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Grand Base itself has confirmed the hack on social media. They stated that the team was tracking the hacker's wallet and actively working with centralized crypto exchanges (CEX) to freeze the stolen funds.
Also read: Base Developer Announces Plan to Improve Base Network Performance
A tweet on the Grand Base Twitter account (@grandbase_fi) on April 15, 2024 at 03:01:27 AM +UTC (around 18.59 WIB) read:
"An exploit occurred on April 15 at 03:01:27 AM +UTC. For this reason, we urge all community members to avoid this contract as it is no longer secure. As you can see, we have been hacked and liquidity (LP) has been drained. We are trying..."
This event is a reminder of the importance of security in the crypto world. Last year alone, crypto hacks cost the industry up to $2 billion. Even last January, there was a massive cyber attack that cost the market $50 million.
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Also read:
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Base Protocol Reaches IDR 63.36 Trillion in TVL
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