Hacking News
Autheo’s THEO Plunge After Suspected Bridge Exploit
Autheo’s THEO token experienced a significant 92% drop in value within 24 hours after 19 million unauthorized tokens appeared on Base, a decentralized exchange. The incident is suspected to be a bridge exploit, where the attacker swapped the newly minted tokens for approximately 700.8 ETH, valued at around $1.76 million. The affected holders faced a substantial loss. The attack highlights vulnerabilities in cross-chain bridges and prompts projects to reassess their security measures. Autheo, the project behind THEO, has urged users not to engage in buying, selling, or bridging THEO until they investigate the matter further. The incident underscores the importance of robust security protocols in cross-chain operations to prevent similar exploits in the future.