According to on-chain analyst PeckShield (@PeckShieldAlert), the hacker illegally minted 19 million $THEO tokens on the Base network, then exchanged them for 700.8 ETH (approximately $1.76 million), and transferred the funds to the Ethereum network via a cross-chain bridge. As a result, the price of $THEO dropped 92% within 24 hours.
PeckShield Reports $THEO Token Hacked, 19 Million Tokens Minted for $1.76 Million
TechFlowShare
Summary
PeckShield reported an exploit of the $THEO token on the Base network, during which 19 million tokens were illegally minted and exchanged for 700.8 ETH ($1.76 million). The attacker transferred the funds to Ethereum via a cross-chain bridge, causing the token’s price to plummet 92% within 24 hours. Network activity surged during the attack, with unusual metrics detected on the Base chain.
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