Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/grandbaseprivatekeyleak.php}} {{Unattributed Sources}} Grand Base Logo/HomepageGrand 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 positio..."

2024-04-22T19:32:22Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/grandbaseprivatekeyleak.php}} {{Unattributed Sources}} thumb|Grand Base Logo/HomepageGrand 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 positio..."

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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/grandbaseprivatekeyleak.php}}
{{Unattributed Sources}}

[[File:Grandbase.jpg|thumb|Grand Base Logo/Homepage]]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.

This is a global/international case not involving a specific country.<ref name="rektnews-13296" /><ref name="grandbase-13297" /><ref name="grandbasedocs-13298" /><ref name="grandbasedocs-13299" /><ref name="grandbasefitwitter-13300" /><ref name="etherscan-13301" /><ref name="grandbasefitwitter-13302" /><ref name="peckshieldalerttwitter-13303" /><ref name="peckshieldalerttwitter-13304" /><ref name="basescan-13305" /><ref name="basescan-13306" />

== About Grand Base ==
"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."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Grand Base Private Key Leak
!Date
!Event
!Description
|-
|April 14th, 2024 9:01:27 PM MDT
|Reported Exploit Date
|The reported time of the exploit based on information included in a tweet from Grand Base.
|-
|April 14th, 2024 10:45:47 PM MDT
|Ethereum Transaction
|An ethereum blockchain transaction taking
|-
|April 15th, 2024 1:16:00 AM MDT
|Telegram Post
|A post is made in Telegram about the exploit. (TBD - Timezone?)
|-
|April 15th, 2024 2:39:00 AM MDT
|PeckShield Tweet
|PeckShield is the first to report about the exploit.
|-
|April 15th, 2024 5:59:00 AM MDT
|Initial Grand Base Tweet
|Grand Base makes an initial tweet about he incident.
|-
|April 16th, 2024 6:32:00 AM MDT
|Update Tweet Posted
|Grand Base posts on Twitter
|}

== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

== Total Amount Lost ==
The total amount lost has been estimated at $2,000,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
The total amount recovered is unknown.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="rektnews-13296">[https://rekt.news/grand-base/ Rekt - Grand Base - REKT] (Apr 22, 2024)</ref>

<ref name="grandbase-13297">[https://grandbase.io/ Grandbase] (Apr 22, 2024)</ref>

<ref name="grandbasedocs-13298">[https://docs.grandbase.io/ Welcome to Grand Base | Grand Base] (Apr 22, 2024)</ref>

<ref name="grandbasedocs-13299">[https://docs.grandbase.io/the-base/what-problem-are-we-solving What problem are we solving? | Grand Base] (Apr 22, 2024)</ref>

<ref name="grandbasefitwitter-13300">[https://twitter.com/grandbase_fi/status/1780212670337077299 @grandbase_fi Twitter] (Apr 22, 2024)</ref>

<ref name="etherscan-13301">[https://etherscan.io/tx/0x2d18b8bcbafad566270dd5f012feb2bc987736dafbab52ce35f43696bc6e2709 Ethereum Transaction Hash (Txhash) Details | Etherscan] (Apr 22, 2024)</ref>

<ref name="grandbasefitwitter-13302">[https://twitter.com/grandbase_fi/status/1779842048234840261 @grandbase_fi Twitter] (Apr 22, 2024)</ref>

<ref name="peckshieldalerttwitter-13303">[https://twitter.com/PeckShieldAlert/status/1779796368732872856 @PeckShieldAlert Twitter] (Apr 22, 2024)</ref>

<ref name="peckshieldalerttwitter-13304">[https://twitter.com/PeckShieldAlert/status/1779791627827270125 @PeckShieldAlert Twitter] (Apr 22, 2024)</ref>

<ref name="basescan-13305">[https://basescan.org/tx/0xe8b0af9a2c7a3482958792d620328aa780097788fc18e1b7e1328a4a459132d0 BaseScan Transaction Hash (Txhash) Details | Base] (Apr 22, 2024)</ref>

<ref name="basescan-13306">[https://basescan.org/tx/0x74237dfd7ac0e251311c71ff2c2536b146eeb68c465d47325bdd4517f34a7259 BaseScan Transaction Hash (Txhash) Details | Base] (Apr 22, 2024)</ref></references>

Grand Base Private Key Leak - Revision history