Grand Base minting sparks rug pull concerns as token plunges 99%

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Grand Base’s token sees a virtually 100% drop in worth following studies that the protocol’s deployer minted hundreds of thousands of recent tokens, elevating issues of a possible rug pull.

Decentralized finance protocol on the Base community, Grand Base, is suspected of conducting a rug pull after the crypto group seen a multi-million mint by way of the deployer’s tackle. As famous by a person @0xkinnif, Grand Base’s deployer minted on Apr. 15 a further 22.5 million GB tokens (value round $47 million), sending the token’s worth plummeting by practically 100% to $0.0049.

In response to the incident, a spokesperson for the challenge addressed issues in a Telegram channel, attributing the minting to an exploit of the challenge’s deployer pockets. The spokesperson reassured customers that the group is actively collaborating with the MEXC crypto trade to halt buying and selling actions related to the exploited tokens.

Launched in early 2024, Grand Base aimed to supply a decentralized market for spot artificial real-world property (RWAs), providing publicity to RWAs with out the necessity to maintain the underlying property. The challenge gained vital traction, with its GB token producing hundreds of thousands of {dollars} in each day buying and selling volumes, based on knowledge from CoinGecko.

Grand Base minting sparks rug pull concerns as token plunges 99% - 1
Warning about Grand Base’s mint characteristic| Supply: CoinGecko

Nonetheless, regardless of its preliminary success, the challenge additionally confronted scrutiny as a result of a characteristic in its good contract that allowed builders to mint new tokens with none limitations, as highlighted by CoinGecko on GB’s value web page. As of press time, MEXC hasn’t issued any public statements concerning the matter, and the tactic by means of which the exploiter gained entry to the deployer pockets stays unclear as nicely.

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