Grand Base’s token experienced a significant drop in value recently, sparking concerns about a potential rug pull. The decentralized finance protocol on the Base network, Grand Base, came under scrutiny after reports surfaced of the protocol’s deployer minting millions of new tokens. This resulted in a sharp decline in the token’s value, almost reaching 100%.

On April 15, the deployer of Grand Base minted an additional 22.5 million GB tokens, valued at around $47 million. This incident led to a drastic drop in the token’s value to $0.0049. The crypto community took notice of this minting activity, raising suspicions of a rug pull.

In response to the situation, a spokesperson for the project addressed concerns in a Telegram channel, attributing the minting to an exploit of the project’s deployer wallet. The team is actively working with the MEXC crypto exchange to halt trading activities associated with the exploited tokens.

Grand Base, launched in early 2024, aimed to create a decentralized marketplace for spot synthetic real-world assets (RWAs). The project allowed users to gain exposure to RWAs without holding the underlying assets. Initially successful, the GB token generated significant daily trading volumes, as reported by CoinGecko.

Despite its traction, Grand Base faced scrutiny due to a feature in its smart contract that enabled developers to mint new tokens without restrictions. CoinGecko highlighted this issue on GB’s price page. MEXC has not issued any public statements on the matter, and the method used by the exploiter to access the deployer wallet remains unclear.

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