Earlier today we identified a bug in the graduation mechanism on Based Alpha, our new product launched on Robinhood this week. The issue was caused by bid-side graduation liquidity, which was meant to cushion sells and create tokens with better support.
Someone took advantage of this mechanism. It was used against 23 tokens across two blocks before we contained it.

We contained the issue and disabled the affected flow within the hour. The total loss from this incident is contained at less than 5 ETH. A permanent fix and an independent review are underway and will be completed within the next 24 hours.

Every affected user will be made whole. We have reconstructed the affected users on-chain and will publish the compensation details and timeline shortly.

Tokens that graduated before 18 July, 6 PM GMT are not affected.

All other Based products, such as the Based App and Visa Card, are fully operational and were never affected.