The post Base Network Vulnerabilities Exposed Post the Latest Hack Highlighting Design Faults appeared first on Coinpedia Fintech News
The Grand Base DeFi attack where more than $2 million is known to have been stolen is an indicator of a lack of overall security of Layer 2 networks like Base.
The newly established Grand Base ecosystem with its cross-chain interoperability and asset transfer capabilities fell victim to an advanced hack, portraying a serious design fault within the Base network.
Read on further to know why Base Network has become the recent favorite of hackers and what the core fault is in the design of Base Network.
The Grand Base DeFi’s $2 million hack
The stealthy hack, achieved by gaining control of the private keys, resulted in the mined GP tokens being dumped in the market causing massive slippage that severely affected the protocol’s overall stability along with a 99% drop in token price. This exploit with more than $2 million loss proves the n
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