Hacker mints 19 million THEO on Base, token crashes 92% in a day

THEO token on the Base network plunged 92% within 24 hours after an attacker suddenly created 19 million new tokens and sold them off.

Security firm PeckShield traced the mint to a single wallet that swapped the fresh supply for 700.8 ETH worth roughly 1.76 million dollars and bridged the funds out to Ethereum mainnet. The sudden influx diluted existing holders and drained market liquidity.

Investigators still do not know which contract was exploited or whether private keys were stolen, so the final loss could exceed the 1.76 million dollars already moved.

Based on information from cryptonews.net