A user @0xkinnif pointed out that Grand Base’s deployer created an additional 22.5 million GB tokens on April 15, valued at around $47 million. This caused the token’s value to drop by almost 100% to $0.0049. Grand Base, established in early 2024, aimed to establish a decentralized marketplace for spot synthetic real-world assets (RWAs), providing exposure to RWAs without the need to hold the underlying assets. As of now, MEXC has not released any public statements about the incident.
It is also unclear how the exploiter gained access to the deployer wallet. The incident raises questions about security measures and transparency within the Grand Base platform and the broader cryptocurrency ecosystem. It also highlights the need for increased vigilance and risk management in decentralized finance projects.
