The Layer 2 "Base" network on the Coinbase platform has been the target of a large-scale price manipulation attack. This attack focused on an unverified loan contract, leading to a loss of approximately $1 million.
CertiK Warned of the Attack
Early this morning, CertiK Alert monitoring system informed users on the X platform about the ongoing attack. According to the report, the attack targeted the Base chain and affected an unverified loan contract starting with the address 0x5c52.
According to CertiK’s post on X: "The exploiter manipulated the price of WETH and Sui and gained approximately $1 million in tokens through excessive borrowing." CertiK also noted that the oracle used to verify this loan contract, which was deployed only six days ago, has a liquidity of only around $400,000.
Repeated Contract Manipulation Incident
This attack marks the second similar incident in the last two days. On October 24, suspicious transactions were detected on the Polygon network, affecting an unverified NAS contract with the address 0x5d6084Bf..F36Ac7. In that case, the attacker obtained a large amount of NAS tokens, which were later exchanged for USDT.
Base Has Yet to Comment
The Base platform has not yet commented on the incident. However, on October 30, Base announced the launch of Fault Proofs, which aims to provide a more secure environment by removing trusted third parties. The new update will also allow users to monitor and challenge invalid withdrawals.
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