The digital currency GAIN, belonging to the company “Griffin AI”, experienced a sharp decline of 80% after abnormal minting and selling activities, according to a security warning issued by the cybersecurity company “PeckShield”.
The currency, which was recently listed on major trading platforms such as HTX, KuCoin, and Gate.io, along with an initial appearance on the Binance platform, was attacked, leading to the illegal minting of 5 million GAIN due to a vulnerability in the smart contract that exceeded the set maximum supply.
The attacker exchanged the minted amount directly for BNB, achieving profits estimated at around 3 million dollars, which caused an immediate collapse of the price of the digital currency GAIN.
In a subsequent step, the attacker converted the balances to the equivalent of 720 ETH, then transferred them to the 'Tornado Cash' platform, making it difficult to trace the financial path of the stolen currencies.
Following the attack, 'Griffin AI' requested all platforms to temporarily halt trading of the digital currency GAIN, confirming that it is working in coordination with security partners to contain the situation.
