Griffin AI cryptocurrency collapses by 95% after a sudden hacker attack

Editor’s note: not investment advice!

The Griffin AI project’s token (GAIN) has suffered a sharp collapse of more than 95% after an exploit related to the issuance mechanism. This was reported by an online analyst under the pseudonym Ai, who recorded the issuance of 5 billion tokens by the attacker.

According to him, the address used to issue the tokens was created only 11 hours before the incident. Within 22 minutes after that, the tokens began to be actively sold, and in less than an hour, the hacker managed to make about $ 3 million in profit.

Before the attack, the attacker obtained Ethereumfrom the Tornado Cash mixer and then transferred it to BNB BNB $989.23 BNB -3.60% Market capitalization $137.69 billion VOL. 24 hours $0.34 billion via the Symbiosis cross-chain protocol. The funds raised from the sale of tokens were later transferred through the deBridge bridge in the Solana SOL $202.55 Binance-Peg SOL -3.67% Market capitalization $0.22 billion VOL. 24 hours $0.79 billion network, Ethereum, Base, Arbitrum, and other blockchains.

The analyst believes it is unlikely that the attack was initiated by the project team itself, as the actions were too aggressive and open. The hacker probably exploited a vulnerability in the token issuance mechanism. Some of the funds have already passed through Tornado, which makes it difficult to recover them.

Despite the sharp drop, after the dump ended, participants appeared on the market and started buying GAIN in anticipation of a technical rebound. At the time of publication, the asset was trading at around $ 0.022.

No Worries strongly advises readers not to invest in dubious crypto projects and little-known digital assets!