Grand Base

In the ongoing struggle of the cryptocurrency market, where the majority of cryptocurrencies continuously strive to gain momentum, Grandbase, a decentralized protocol (DeFi), recently experienced a massive security breach. A security firm,Certik Alert, posted on X (formerly Twitter) that Grandbase announced on their Telegram channel that their deployer wallet was hacked, allowing the attacker to mint GB tokens.&nbsp; GB token plunges 99% 
The post by Certik highlights that following this exploit, the token’s price plummeted by over 99%. Additionally, the breach also caused the unauthorized transfer of a massive 525 ETH, worth around $1.7 million, to Ethereum wallets controlled by the attackers. This breach not only damages investor confidence in the project but also highlights the urgent need for enhanced security measures within the cryptocurrency ecosystem.
Besides Certik Alert,PeckShield Alert also made a post on X, reporting the same incident and highlighting how this incident caused GB tokens to fall by more than 96%. However, till now, Grandbase hasn’t published any posts on X about this incident. Additionally, on March 1, 2024, the crypto market saw significant losses of $79 million due to exploits, hacks, and scams, representing a decrease of 48% compared to February 2024, as reported by <a href="https://news.todayq.com/crypto-losses-reach-79-million-in-march-69-mln-returned/" rel="noopener noreferrer nofollow">Todayq News</a>. Crypto market soars 3.7% 
Currently, the Grandbase spokesperson assures users that the team is working closely with the MEXC crypto exchange to halt trading of the exploited tokens. In early 2024, Grand Base launched to create a decentralized marketplace for trading spot synthetic real-world assets (RWAs). This allows users to trade RWAs without actually owning them. The project gained significant traction, with its GB token seeing millions of dollars in daily trading volume, as reported by CoinGecko.
Despite this massive security breach on April 15, 2024, the overall cryptocurrency market is up by nearly 3.7%. Additionally, the top cryptocurrencies like Bitcoin, Ethereum, and Solana also experienced massive price surges. Whereas, Solana’s SOL, after reaching a low of $107 on April 13, 2024, is currently trading near $150, experiencing a price surge of over 8.5% in the last 24 hours.

This token plunges 99% amid security breach

Todayq News

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