Grand Base Security Breach Leads to 99% Drop in GB Token Price

Grand Base, an RWA tokenization platform on the layer 2 Base network, recently experienced a significant security breach. According to web3 security firm Cyvers, the breach occurred on Grand Base’s deployer wallet, allowing the attacker to mint the defi protocol’s native token, GB. This led to a drastic 99% drop in the price of Grand Base.

The attacker managed to swap the GB tokens for 615 ETH. Analysts at Cyvers provided insights on the incident, highlighting the rarity of such breaches on the Base network.

In response to the breach, Grand Base confirmed the incident on social media and announced that they are actively working with CEXs to freeze the hacker’s funds. CEO Deddy Lavid emphasized the importance of implementing heightened security protocols to prevent future losses in the DeFi ecosystem.

Last year, the crypto industry suffered losses of $2 billion due to hacks, with January alone witnessing cyberattacks that resulted in the theft of nearly $50 million from the market.