$2 000 000 USD

APRIL 2024

GLOBAL

GRAND BASE

DESCRIPTION OF EVENTS

"Unlock the future of RWA with synthetics & tokenization, the new DeFi standard." "The first decentralized synthetic RWA market built on Base." "GRAND BASE is a decentralized market for spot synthetic RWAs designed to provide exposure to RWAs without holding the actual underlying asset." "We believe that the safest and most competitive way to provide RWA exposure on the blockchain is through synthetic assets, combined with an active market to ensure deep liquidity."

 

"Traditional way similar to stocks and commodities plays a pivotal part within the global traditional economy, supplying more than a few benefits to traders with a huge request anticipated at 300T dollars. To make RWAs to be on the blockchain, it is often essential to hold the real asset in query.

 

This demand creates a main handicap for DeFi structures, not only does it involve significant costs, but it impacts project budgets directly, but it additionally forces structures to undergo centralized entities and ignore all translucency leaving at the back of a cornerstone of the blockchain morality."

 

"Synthetic assets reflected on-chain: With Grand Base, you don't need to hold or own the underlying asset to benefit from it. Users can invest and exchange synthetic representations of RWAs on the blockchain, disposing of intermediaries and the associated expenses, for both customers and the protocol.

 

gAssets (Grand Base Assets): These assets are ERC20 mirroring RWAs and backed by on-chain assets used as collateral. This guarantees the value and stability of gAssets. What is more, the on-chain assets backing the gAssets are part of a liquid market, ensuring that customers can enter and exit their positions easily and at any time.

 

Decentralized liquidity: The architecture we have implemented guarantees constant liquidity for users and an additional layer of security. Based on decentralized LPs, gAssest LP tokens are owned by the protocol's users.

 

Grand Base's mission is clear, to provide transparent, secure, and decentralized access to traditional assets, while guaranteeing liquidity and stability for its users."

 

Grand Base offers a decentralized application (DApp) that unlocks the future of Real World Assets (RWA) through synthetics and tokenization, representing a new standard in decentralized finance (DeFi). Users can tokenize, own, and trade any RWA as an ERC20 token on the platform's decentralized synthetic RWA market. The process involves opening a vault, depositing collateral to mint the desired gAsset, managing positions through a dashboard, and claiming collateral anytime. Grand Base facilitates the tokenization and trading of RWAs 24/7, providing an on-chain liquid market for RWA and synthetics.

 

"As everyone saw, we have been exploited and the LP was drained. We are working with our partners to try to recover funds and freeze the hackers adresses, we tracked all the wallets of the hacker and are actively monitoring the situation, we are in talks with CEXs to freeze any funds that he might move."

 

"The breach was first disclosed by a protocol admin in the Grand Base Telegram channel."

 

"As a reminder, here are the wallets where the exploiter moved the funds: - 0xf8f598d2480500De1BeDDD746E91F34021293467 - 0x13E1aEb0FC5Dbc5a2061874f1435Cfa314860F84 - 0xC77C9450625444F371A7d49Def616bde7Cd58e6d - 0xB124546F9f89F178a785D539d299E372B9dc1eC6 - 0xd8C21702B74d14b68f2580E28c10Ecc53304c274 - 0x6cc134F6161b39d0496d18A0C5A1d0501d8abaBF - last known address"

 

"Message to the person responsible for this tragic event. We ask you the to contact us urgently, our DMs are open, let’s negotiate all this together and stop any additional damage."

 

"Regarding the hacker, we have engaged all necessary resources to track them down. We are in contact with all CEX security teams to prevent the hacker from off-ramping any funds. We are also in the process of blacklisting all addresses they use, even those through mixers."

 

"Stepping up to the plate 6 hours later, in a subsequent post on X, Grand Base staff claimed they had tracked the wallets of the hacker and were in talks with centralized exchanges to freeze any funds the attacker tried to move.""

 

"We will be relaunching the token with new smart contracts that will undergo thorough audits by Paladin Sec. We will take a retroactive snapshot to airdrop the new token to previous holders and restore their balances."

Grand Base offers a decentralized application (DApp) that allows users to tokenize, own, and trade any real world asset as an ERC20 token on the platform's decentralized synthetic market. The process involves opening a vault, depositing collateral to mint the desired gAsset, managing positions through a dashboard, and claiming collateral anytime. Grand Base facilitates the tokenization and trading of RWAs 24/7, providing an on-chain liquid market for RWA and synthetics. An exploit resulted in the draining of its liquidity pool (LP). The breach was disclosed by a protocol admin in the Grand Base Telegram channel, and the team is actively working with partners to recover funds and freeze the hacker's addresses. Wallets associated with the exploit were listed, and a message was directed to the responsible party to negotiate and mitigate further damage. Grand Base is engaging all necessary resources to track down the hacker, including collaboration with centralized exchange security teams to prevent fund off-ramping and blacklisting of hacker addresses. Plans are underway to relaunch the token with new smart contracts, subject to thorough audits, and retroactively airdrop the new token to previous holders to restore their balances.

Sources And Further Reading

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