TL;DR
- Exploitation of security at Grand Base results in losses of $1.7 million.
- The community is urged to avoid interacting with the affected contract and withdraw liquidity.
- Grand Base is collaborating with blockchain partners and analysts to recover funds and freeze accounts from hackers.
In the recent news about the Grand Base asset tokenization platform, a security incident is revealed that has significantly impacted the community and the platform’s assets.
On April 15 at 03:01:27 AM +UTC, an exploit occurred in the platform’s contracts, resulting in the loss of $1.7 million in tokens due to a private key leak.
An important update:
On April 15 at 03:01:27 AM +UTC, an exploit happened.
For this specific reason, we urge all our community members to stay away from this contract as it is not safe anymore.
As everyone saw, we have been exploited and the LP was drained. We are working…
— Grand Base (@grandbase_fi) April 15, 2024
Given this situation, Grand Base administrators have issued an urgent warning to all community members, urging them not to interact with the compromised contract and to withdraw liquidity immediately.
This preventive action seeks to avoid further losses and protect users assets.
Grand Base’s response has been proactive, working closely with partners and blockchain analysis firms such as PeckShield and CertiK to track the hackers addresses and take steps to freeze the funds.
Additionally, it has openly communicated with centralized exchange houses (CEXs) to prevent the transfer of funds by attackers.
The situation has generated concern and skepticism among Grand Base users
Some of which have raised concerns about possible hidden flaws in the compromised contract, suggesting the need for a thorough review of internal security and transparency systems by Grand Base and other similar platforms in the DeFi space.
These concerns highlight the importance of implementing proactive measures to detect and address potential vulnerabilities, thereby ensuring trust and protection of user funds in decentralized financial environments.
