Millions Lost! Base Network Hack Exposes DeFi Security Gaps

The post Millions Lost! Base Network Hack Exposes DeFi Security Gaps appeared first on Coinpedia Fintech News

The recent breach at Grand Base, resulting in a loss of over $2 million, highlights the vulnerabilities in networks like Base. In the fast-paced world of decentralized finance (DeFi), where innovation meets risk, understanding such breaches is crucial.

Grand Base, known for its ability to transfer assets across different chains, fell victim to a complex cyberattack, revealing a major flaw in the Base network.

Here’s a look at what went wrong.

The stealthy hack, achieved by gaining control of the private keys, resulted in the mined GP tokens being dumped in the market causing massive slippage that severely affected the protocol’s overall stability along with a 99% drop in token price. This exploit with more than $2 million loss proves the necessity of bringing in stronger security measures and strict limitations in the DeFi environment.

After the attack, the project team acted quickly, urging the community to tighten security measures and promising to address the issue.

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