Grand Base Token Price Drops 99% After $2M Hack

The security breach involving Grand Base token has severely impacted the Crypto community, leading to a loss of almost $2M.

Almost $2 million were lost as a result of a significant security breach that was associated with the Grand Base token (GB). This incident shook the cryptocurrency community.

As a result of this occurrence, the price of GB dropped by 99% shortly after the information about the breach was made public. This event caused the GB’s price to collapse almost completely.

The Grand Base protocol, one of the most popular protocols for tokenizing real-world assets within Coinbase’s layer-2 blockchain, has just released an incontrovertible piece of evidence regarding the grave influence of a private key compromise that occurred before dawn on April 15.

As a consequence of this, an administrator of Grand Base addressed the issue on the official Telegram channel for the protocol, recommending users refrain from engaging in any activities that involve agreements that have been compromised.

“Would you kindly remove your LP as soon as possible? We are truly sorry for everything that has transpired,” the administrator wrote.

The loss was initially reported by the blockchain analytics company PeckShield, which stated that the funds that were converted into Ethereum were sent to an address that was not associated with the blockchain.

Following the first disclosure, subsequent investigations revealed that the attacker had taken advantage of the power they had over the deployer contracts in order to mint additional GB tokens, which were subsequently removed from the liquidity pools.

Impact on the Grand Base Community

As a result of this bootleg minting, the GB token experienced a rapid devaluation because the supply significantly exceeded the demand for it. Grand Base’s management sent an update as the tragedy unfolded, promising to monitor the hackers’ wallets and work with the centralized exchanges to prevent any cash recovery.

“The team is working around the clock to address the security breach and minimize any further risk to our users,” a representative from Grand Base noted.

“We are working to ensure that everyone is safe.”As a result of the market’s rapid response to the hack, the value of the GB token dropped nearly immediately after it occurred.

In addition to having an effect on individual investors, this precipitous decline also compromised the security aspects of a number of newly developed blockchain systems.

For this reason, discussions within the Grand Base community have concentrated on the hack’s implications for future operations and the long-term viability of the GB token.

Users on a variety of social networks have voiced their grievances and concerns, with many of them calling into question the reliability of the project’s security systems. As a member of the community stated:

“Please, don’t lose more money here. Abandon this and don’t deposit a single dollar more into this thing, whatever happens,”.