GriffinAI Token Hacked, Leading to Significant Drop in Market Value
Exploit Details: The GAIN token from GriffinAI was exploited on September 25, leading to a 90% price drop due to the introduction of a fake LayerZero peer that allowed unauthorized minting of tokens.
Market Response: In response to the exploit, GriffinAI removed on-chain liquidity to protect users and warned against interacting with compromised liquidity pools, highlighting significant market panic and liquidity issues.
Security Concerns: The incident raised broader concerns about vulnerabilities in cross-chain protocols, prompting discussions on the need for improved oversight and security measures in the cryptocurrency ecosystem.
Financial Implications: The exploit's financial fallout may lead to a reevaluation of cross-chain protocols, as historical data suggests similar attacks, emphasizing the urgency for enhanced security frameworks in blockchain technology.
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