A severe security breach that was related to the Grand Base token (GB) shook the crypto community and resulted in a loss of nearly $2 million. This event caused an almost complete fall in the price of GB, dropping by 99% soon after the information about the hack was released.
The Grand Base protocol, one of the most popular protocols for tokenizing real-world assets within Coinbase’s layer-2 blockchain, has just provided irrefutable evidence of the grave influence of a private key compromise that happened before dawn on April 15.
An administrator of Grand Base, as a result, addressed the matter in the protocol’s official Telegram channel, advising users to cease any activities with the hacked contracts. “Please take your LP down immediately. We apologize for this whole situation,” the admin wrote. The loss was first reported by the blockchain analytics firm PeckShield, which mentioned that the converted funds in Ethereum were transferred to an external address.
Response and St
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