Investors in the Theo Network are reeling after a sophisticated cross chain exploit triggered a massive sell off, erasing nearly all of the native token’s value in a single day. The crash saw the price of THEO plummet by roughly 92 percent within twenty four hours, leaving holders scrambling as the project struggled to contain the fallout from a significant security breach on the Base network.

According to reports from blockchain security firm PeckShield, an attacker managed to execute a minting exploit that allowed them to create 19 million unauthorized THEO tokens out of thin air. These illicitly created assets were quickly swapped for Ethereum, resulting in a theft totaling approximately 1.76 million dollars. To further complicate recovery efforts and obscure their digital footprint, the perpetrator moved the stolen funds from Base over to the Ethereum mainnet via a bridge.

This rapid drain of liquidity and the sudden influx of fraudulent tokens sparked immediate panic across trading platforms. As word of the vulnerability spread, market confidence evaporated almost instantly, leading to the dramatic price collapse seen today. While developers typically scramble to patch such vulnerabilities after a breach is identified, the sheer scale of this loss highlights once again the inherent risks associated with cross chain bridging technology.