Weekend Hack in the Cryptocurrency Market – A Large Amount of Assets Stolen

A suspected security breach has emerged on the Base network, resulting in the theft of approximately $6 million worth of crypto assets. Initial findings indicate that a total of 1,783,067 aBaswstETH was siphoned off from an as-yet-unnamed vault in six separate withdrawal transactions.

According to preliminary assessments by security researchers, the attack exploited the lending mechanism of a smart contract vault that was recently whitelisted. While it has been confirmed that aTokens were siphoned from the vault and subsequently redeemed for approximately 1,783,067 wstETH, the exact source of the authorization vulnerability that enabled the attack is not yet certain.

The funds’ path reportedly extended from the vault to the attacker’s smart contract, then to the attacker’s wallet, and finally to the conversion of aTokens to wstETH.

While the initial transaction involved only a 1 aBaswstETH transfer, five subsequent separate outflows reportedly resulted in a total loss of approximately 1,783 wstETH, or about $6 million at current prices.

Blockchain security company PeckShield also reported that the address 0x0B5126…B034 drained approximately 1,783 wstETH on the Base network. While this address has been flagged as a suspected attacker wallet, the name of the targeted protocol and the exact attack method used have not yet been publicly disclosed.

*This is not investment advice.