The cryptocurrency market is reeling today after a devastating security breach hit the Theo Network, triggering a massive sell off of its native token. Investors watched in horror as the value of THEO plummeted by roughly 92 percent within a single day, reflecting widespread panic following reports of a sophisticated cross chain attack targeting the project’s bridge on the Base network.

According to data provided by blockchain security firm PeckShield, the incident involved a minting exploit where an unidentified attacker managed to create 19 million unauthorized THEO tokens out of thin air. These illicitly generated assets were quickly swapped for Ethereum, resulting in a total loss estimated at approximately 1.76 million dollars. In a calculated move to evade detection and complicate recovery efforts, the hacker immediately bridged those funds from Base over to the main Ethereum network.

This sudden collapse highlights the ongoing vulnerabilities inherent in cross chain bridges, which remain prime targets for hackers due to their complexity and high liquidity. While the community awaits further word from the Theo team regarding potential reimbursements or technical patches, the sheer scale of the price drop suggests that confidence in the asset has been severely shaken. For now, traders are left navigating a volatile landscape as investigators work to trace the stolen funds across multiple chains.