The Grand Base token (GB) experienced a significant setback after a security breach resulted in the theft of nearly $2 million, causing a dramatic 99% drop in its price.

The Grand Base protocol, a popular platform for tokenizing real-world assets on Coinbase's layer-2 blockchain, was hit by a security breach due to a private key compromise before April 15. An administrator quickly alerted users to stop interacting with the hacked contracts via the protocol's official Telegram channel.

The hacker exploited control over the deployer contracts to mint additional GB tokens, which were then removed from the liquidity pools, causing a massive oversupply and a rapid devaluation of the GB token. The team is currently monitoring the hacker's wallets and collaborating with centralized exchanges to prevent any funds from being recovered.

The sudden price drop has raised concerns within the Grand Base community about the token's future viability and the security of new blockchain protocols. The incident has led to discussions about the implications of the hack for future operations and the integrity of the project's security systems.

Many users have expressed their frustrations and concerns on social media, urging others to avoid investing in the token until the security issues are resolved. The Grand Base team is working tirelessly to address the security breach and minimize any further risks to users.