“Please remove your LP asap, we are very sorry for what happen,” wrote a Grand Base admin.
Real-world asset tokenization protocol Grand Base (GB), which operates on Coinbase’s native layer-2 blockchain, has suffered $1.7 million in losses after a private key compromise.
“On April 15 at 03:01:27 AM +UTC, an exploit happened on our contracts,” wrote an admin in the protocol’s Telegram chat. “For this specific reason, we urge all our community members to stay away from this contract as it is not safe anymore.”
According to blockchain analytics firm PeckShield, the private key leak resulted in the theft of $1.7 million in tokens from its liquidity pools, which have since been swapped on-chain for Ether (ETH) and sent to an external address. Simultaneously, the protocol’s native token lost 99% of its value in the past 24 hours due to the incident.
