Summary
TLDR: Grand Base experienced a hack resulting in over $2 million worth of assets being stolen, causing a significant drop in the value of their token. The attacker was able to mint new tokens and move large amounts of ETH to external addresses. The DeFi community is now focusing on improving security measures to prevent future breaches.
Key Points
1. Grand Base experienced a devastating hack and a significant security breach that shocked the DeFi community.
2. The exploit, driven by a compromised private key, led to unauthorized transactions that have shaken investor confidence and spotlighted vulnerabilities within the DeFi ecosystems.
3. The attacker’s method involved minting new GB tokens directly after accessing the deployer’s wallet, exchanging them, and bridging them into the Ethereum ecosystem, compounding the protocol’s losses.