Gem Pad, a token launchpad platform, experienced a security breach that resulted in an estimated $2.2 million worth of funds being exploited. The hack targeted the platform's token locks, allowing the attacker to drain resources from several projects on Ethereum, Base, and BNB Smart Chain. Despite a recent audit and high security score, Gem Pad had a vulnerability in one of its smart contract functions. Following the attack, the native token, GEMS, saw a decline in value. Gem Pad has resolved the issue, but its Locker service remains unavailable. Several projects were affected by the hack, including Munch Protocol, Nutcoin Ecosystem, Anon, FOMO Network, DUB token, and BPAY tokens. The attack not only resulted in stolen funds but also caused a loss of liquidity and potential damage to the affected projects. Gem Pad was in the process of expanding its activity on the Base chain at the time of the attack.



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