The highly anticipated RWA tokenization platform, Grand Base, was recently rocked by a shocking security breach on the cutting-edge layer 2 Base network. This unexpected turn of events has left the entire community on edge as they wait for updates on the situation.
Cybersecurity experts at Cyvers have uncovered a major breach at Grand Base, a leading web3 security firm. The hacker successfully hacked into the deployer wallet, giving them complete control to mint the highly coveted defi token, GB. As a result, Grand Base’s value has taken a devastating hit, dropping by a staggering 99%.
The perpetrator cunningly exchanged the GB tokens for a whopping 615 ETH. In a thrilling turn of events, Cyvers analysts shared their exclusive findings on the incident with crypto.news, shedding light on the rarity of such a security breach on the Base network.
“With a $2M loss in unauthorized transactions, today’s breach at Grand Base starkly illustrates the vulnerability of Defi ecosystems. The compromised deployer’s wallet losing access control raises concerns, emphasizing the urgency for heightened security protocols and vigilant monitoring to safeguard against such devastating losses in the future.”
– Deddy Lavid, CEO at Cyvers
In a bold move, Grand Base has publicly announced their success in tracking down the hacker responsible for a recent breach. Through their diligent efforts, the team has managed to freeze the stolen funds by collaborating with multiple cryptocurrency exchanges.
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This groundbreaking achievement comes at a crucial time, as the industry suffered a whopping loss of $2 billion due to crypto hacks last year.
The month of January witnessed a surge in cyberattacks, with hackers snatching a staggering $50 million from the market. However, Grand Base’s swift action has put a stop to this malicious trend and restored faith in the security of the crypto world.