Binance, the world’s largest cryptocurrency exchange, listed the altcoin GriffinAI (GAIN) on the Binance Alpha platform yesterday.
However, shortly after, GAIN was attacked and the attacker minted 5 billion tokens for himself.
The attacker then sold these tokens, causing the GAIN price to drop by over 80%.
While GAIN investors are left in the lurch, Binance announced that it has removed liquidity for GAIN, which was affected by the hack on the BNB Chain.
Accordingly, Binance X announced in a post from its account that it had removed GAIN liquidity from the BNB Chain to protect users following the attack.
Binance stated that the GAIN team is aware of the incident, has confirmed it, and is currently investigating the technical details.
“GriffinAI (GAIN) has confirmed that it has been hacked before and is currently investigating the technical details.
At this point, the project has mitigated the issues by removing official on-chain liquidity for GAIN on the BNB Chain in order to protect users.
Binance is helping facilitate the project team’s post-incident assessment and compensation plan and will continue to provide timely updates.”
Binance Alpha added GAIN support on September 24.
*This is not investment advice.