Grand Base Crypto Hack: Token’s Price Drops by 99% After Attack

Crypto News – An almost $2 million loss was caused by a serious security breach involving the Grand Base token (GB) that rocked the cryptocurrency world.

Grand Base Crypto Hack: Token’s Price Drops by 99% After Attack

There is no denying the serious impact of the April 15 private key compromise, as demonstrated by the Grand Base protocol. The price of GB fell almost completely as a result of this incident, plunging by 99% shortly after the details of the attack were made public. As such, a Grand Base administrator took to the protocol’s official Telegram channel to address the issue and advise users to stop using the compromised contracts.

Please take your LP down immediately. We apologize for this whole situation,

the admin

The cryptocurrency was converted to Ethereum and sent to an external address, according to the initial report on the loss from blockchain analytics company PeckShield.

Social Media Reacts to the Attack

Investigative reports following the initial leak revealed that the attacker had created additional GB tokens, which were subsequently taken out of the liquidity pools, by using their power over the deployer contracts. Because of the massive supply gap caused by this bootleg minting, the value of the GB token quickly declined. In an effort to stop any money from being retrieved, Grand Base’s administration sent updates as the crisis developed, saying they were keeping an eye on the hackers‘ wallets and coordinating with the centralized exchanges.

The team is working round the clock to address the security breach and minimize any further risk to our users,

a spokeswoman from Grand Base

The market quickly responded to the attack, which caused the value of the GB token to drop practically overnight. The security characteristics of several new blockchain protocols were also compromised by this abrupt decline, in addition to having an effect on individual investors.