THEO Token Hack on Base Network: $1.76 Million Loss

A major incident involving the THEO token was recorded on the Base blockchain: an attacker created 19 million additional units of the asset. Subsequently, they sold them for approximately $1.76 million.

The incident occurred on the Base network, where an unknown hacker minted 19,000,000 THEO tokens. The acquired assets were quickly swapped for 700.8 ETH, equivalent to approximately $1.76 million USD. The funds were then transferred to the main Ethereum network for withdrawal.

As a result of the mass sale of stolen tokens, the asset's price plummeted. At the time of this report, THEO had dropped by 93% from its previous value.

Key details of the incident:

• Network: Base
• Minting volume: 19,000,000 THEO tokens
• Revenue amount: 700.8 ETH (approx. $1.76 million)
• Asset price drop: -93%

The exact cause of the vulnerability that allowed unauthorized token minting has not yet been determined. Cybersecurity specialists are continuing their investigation into the incident.