UNKNOWN

DESCRIPTION OF EVENTS

"Base is a secure, low-cost, developer-friendly Ethereum L2 built to bring the next billion users to web3."

"Secured by Ethereum: Base is built with the security and scalability you need to power your decentralized apps. It leverages the underlying security of Ethereum, along with Coinbase’s best practices, to enable you to confidently onramp into Base from Coinbase, Ethereum L1, and other interoperable chains.

Empowered by Coinbase: Base makes it easy to build decentralized apps with access to Coinbase’s products, users, and tools. Seamless Coinbase product integrations, easy fiat onramps, and powerful acquisition tools enable developers to serve the 110M+ verified users and to access $80B assets on platform in the Coinbase ecosystem.

Big features, small fees: Base offers full EVM equivalence at a fraction of the cost and is committed to pushing forward the developer platform. Set up gasless transactions for your dapps with easy developer APIs for account abstraction, and securely build multichain applications with easy-to-use bridges.

Open source: Base aims to be decentralized, permissionless, and open to anyone with the vision of creating a standard, modular, rollup agnostic Superchain powered by Optimism. We’re joining Optimism as a Core Dev on the open source OP Stack, and working to create a thriving community of other developers."

"ALERT! Our system has detected a suspicious transaction targeting an unknown project on #Base, resulting in a loss of approximately $1M. The affected project appears to be a #Compound fork, with multiple markets being drained. As the contracts are not open-source, we suspect this may be a classic price manipulation attack caused by reliance on Uniswap's spot price."

Explore This Case Further On Our Wiki

An unidentified smart contract on the Base Blockchain (which was originally derived from the Compound Finance protocol) was exploited through a price manipulation exploit. In total, $1m USD with of funds were lost. There is no clarity as to whether this protocol had a given name or how the development team may be assiting any affected users.

Base Transaction Hash (Txhash) Details | BaseScan  (Nov 25)
@Phalcon_xyz Twitter (Nov 25)
DeFiHackLabs/src/test/2024-10/CompoundFork_exploit.sol at main · SunWeb3Sec/DeFiHackLabs · GitHub (Nov 25)
Base (Oct 21)
https://www.coinbase.com/en-ca/blog/introducing-base (Nov 25)

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