Private key leak results in loss of $1.7M for base asset tokenization protocol

Grand Base (GB), a protocol for tokenizing real-world assets, has experienced a loss of $1.7 million after a compromise of its private key. The exploit occurred on April 15, resulting in the theft of tokens from the protocol’s liquidity pools. The stolen tokens were then exchanged for Ether and sent to an external address. As a result of the incident, the value of the protocol’s native token has dropped by 99% in the past 24 hours. The administrators of Grand Base have warned users to avoid interacting with the compromised contract. Blockchain analytics firm CertiK has analyzed the attack and found that the hacker gained control of the deployer contracts and minted unauthorized GB tokens before withdrawing them. Grand Base staff claim to have tracked the hacker’s wallets and are working with exchanges to freeze any funds that may be moved. Users of the protocol have expressed their disappointment and advised others to avoid depositing any more money into it. Prior to the attack, Grand Base had a maximum token cap of 50 million. The protocol, which allows users to tokenize real-world assets and earn rewards, was launched less than five months ago.