๐ก๏ธ GemPad Liquidity Lock Exploit: What Happened and the Resolution
GemPad, a popular Decentralized Finance (DeFi) platform, and crypto token launchpad, recently confirmed a liquidity lock exploit resulting in losses of $1.9Mโ$2.2M. This breach affected liquidity pools on Ethereum, BNB Chain, and Base, impacting projects like Borderless Pay and Munch Protocol.
๐ Key Details:
Attack Details: The vulnerability stemmed from a reentrancy exploit using malicious tokens.
Fix Implemented: The issue has been resolved, with a permanent fix under review by multiple blockchain auditors to prevent recurrence.
Recovery Support: Affected crypto projects are receiving assistance, including waived fees and marketing support.
๐ This incident emphasizes the critical need for robust smart contract security across DeFi platforms.
Read the full breakdown here:
https://theholycoins.com/blog/gempad-exploit-up-to-usd2-2-million-lost-to-reentrancy-vulnerability-27-projects-impacted-a
