Griffin AI’s GAIN Token Exploited in $2.93M Mint-and-Dump Attack
Griffin AI's token launch collapsed under a sophisticated exploit, with hackers minting 5 billion GAIN tokens and dumping 150 million for 2,955 BNB ($2.93 million). The attack exploited a cross-chain vulnerability, allowing unauthorized token creation on BNB Chain without proper ethereum backing.
The stolen funds were swiftly converted to ETH and laundered through privacy protocols, rendering recovery improbable. This marks the third mint-and-dump attack in a week, highlighting systemic risks in cross-chain interoperability frameworks.
Trading was suspended across major exchanges following GAIN's catastrophic devaluation. The incident underscores the persistent security challenges facing new blockchain projects implementing cross-chain functionality.
