Due to the nature of the cryptocurrency market, price increases and decreases can be very sudden and rapid. However, sometimes these decreases can lead to unpleasant surprises.
At this point, the altcoin named Griffin AI (GAIN), which started trading on Binance Alpha yesterday, fell by over 80% in a short time.
According to PeckShielAlert's post, the attacker using the address “0xF3…8Db2” minted 5 billion GAIN tokens.
This unauthorized minting brought GAIN’s total supply to 5.2985 billion.
However, shortly after the raid, the attacker sold 147.5 million GAIN on PancakeSwap, making a profit of 2.9 BNB, worth approximately $3 million.
The attacker then transferred the funds to other networks, including Solana and Ethereum, via deBridge.
“Griffin AI suffered abnormal minting and dumping, causing the GAIN price to drop by 80%.
5 billion GAIN was exchanged for 2,955 BNB (approximately $3 million). BNB was then bridged to Ethereum and exchanged for 720 ETH, and finally 700 ETH was deposited into TornadoCash.
*This is not investment advice.
