BREAKING: Autheo Token Crashes 92% After Suspected Bridge Exploit — $1.76 Million Drained in Fake THEO Mint

Autheo's THEO token has crashed about 92% in the last 24 hours, falling to near $0.006, after a suspected exploit hit its bridge on the Base network. It is one of the biggest single-day collapses in the market today, and it happened in just a few hours.

Security firm PeckShield reported that an attacker minted about 19 million THEO tokens without permission on Base. Those new, unbacked tokens were quickly swapped for about 700 ETH, worth roughly $1.76 million, and the money was then bridged over to Ethereum. Reports say the attack used the project's Hyperlane bridge and a trusted relayer key.

The Autheo team confirmed it is investigating a security incident involving THEO and gave an urgent warning to users: do not buy, sell or bridge the token until the team gives an official all-clear. Exchange MEXC also halted THEO transfers on October 13 while the investigation continues.

For traders, this shows again why bridge attacks are so dangerous. When fake tokens can be minted out of thin air, the real supply suddenly grows, liquidity pools get drained, and the price can collapse before most holders even hear the news. Anyone holding THEO now faces very thin and risky trading conditions.

What to watch next is the team's full report: how the key was used, whether the extra supply will be removed, and if affected pools and holders get any recovery plan. Until those answers come, most careful traders are staying away rather than trying to catch a falling price that could still drop further on new details.

Read also: BREAKING: Pyth Network Jumps 7% as 100% Buyback Rule Fuels Breakout — Traders Eye $0.09 and $0.11

This post is news only, not financial advice. Always do your own research before buying or selling crypto.

Sources: CoinDesk, CryptoTimes, Crypto.news, Phemex News