Griffin AI’s GAIN Token Hit by $2.93M Mint-and-Dump Exploit: DeFi Security Crisis Deepens

Another day, another DeFi exploit—Griffin AI's GAIN token becomes the latest casualty in crypto's endless security cat-and-mouse game.

The Attack Unfolds

Attackers minted tokens out of thin air—bypassing protocol safeguards—before dumping $2.93M worth of GAIN onto unsuspecting buyers. The classic pump-and-dump got a Web3 makeover, proving once again that code isn't law when there are loopholes big enough to drive a truck through.

Security Theater

Smart contracts promised trustless systems but delivered trustless exploits instead. The mint function became a money printer for hackers—turning DeFi's innovation into their personal ATM. Audits? More like suggestions when millions are on the line.

Market Fallout

GAIN token holders watched their portfolios evaporate faster than a meme coin's utility. The exploit exposes the brutal reality: in crypto, your gains are only as secure as the weakest line of code. Another reminder that 'decentralized' doesn't mean 'bulletproof'—just ask the investors now holding digital confetti.

Just another Tuesday in crypto—where the only thing more volatile than the prices is the security of the protocols themselves. Maybe next time they'll add a 'don't steal millions' function to the smart contract.

How the Attack Happened for Griffin AI

On-chain investigations revealed ain Griffin AI’s cross-chain module. Hackers used this weakness to create a fake ethereum contract and liquidity pair, allowing them toon BNB Chain without backing them with the required ETH-based GAIN.

Of these, around, generating at least. The stolen funds were later converted into ETH viaand funneled through, making recovery highly unlikely.

A “Mint-and-Dump” Attack for Griffin AI

The exploit was a classic, the third of its kind in less than a week. Similar attacks recently targetedand, underscoring the growing risks associated with cross-chain technology.

Cross-chain interoperability has become a major selling point for new crypto projects, as investors demand broader liquidity access. But every newintroduces potential vulnerabilities, often slipping past even multiple security audits.

Current Status of Griffin AI

Trading of Griffin AI’s token remains. While thewas not compromised, project leaders have warned investors against interacting with, which may still be controlled by the attackers.

This latest hack highlights the, as cross-chain exploits increasingly plague the crypto industry.

The post Griffin AI’s GAIN Token Suffers $2.93M Mint-and-Dump Exploit appeared first on icobench.com.