Grand Base, an RWA tokenization platform on the layer 2 Base network, suffered a major security breach. 

According to web3 security firm Cyvers, the breach occurred on Grand Base’s deployer wallet, as the attacker gained full privileges to mint the defi protocol’s native token, GB. Following the breach, the price of Grand Base plummeted nearly 99%. 

The attacker swapped the GB tokens for 615 ETH. Cyvers analysts provided Coin Insider Daily with exclusive insights regarding the incident, emphasizing that such a breach has been rare on the Base network.

“With a $2M loss in unauthorized transactions, today’s breach at Grand Base starkly illustrates the vulnerability of Defi ecosystems. The compromised deployer’s wallet losing access control raises concerns, emphasizing the urgency for heightened security protocols and vigilant monitoring to safeguard against such devastating losses in the future.” 

– Deddy Lavid, CEO at Cyvers

Grand Base has affirmed the breach on social media, saying that the team has tracked the hacker’s wallets and is actively working with CEXs to freeze the funds. 

Last year, crypto hacks cost the industry a staggering $2 billion. January also saw a massive influx of cyberattacks, as hackers stole nearly $50 million from the market.