Gamma Strategies, an Ethereum-based liquidity management protocol, has experienced a significant exploit resulting in the loss of $3.4 million in digital assets. The attack was detected by blockchain security firm PeckShield, who initially estimated the losses to be around $469,000 but later confirmed the higher amount. The attacker had already transferred $2.2 million to a crypto mixer called Tornado Cash.
In response to the attack, Gamma has temporarily halted vault deposits and is only allowing withdrawals. The protocol has reached out to the attacker’s wallet address in an attempt to negotiate a bounty for the return of the stolen assets. Gamma has also identified the root cause of the attack and assured the community that shutting down deposits has nullified any further risk.
Moving forward, Gamma plans to undergo a third-party code review to ensure the attack is properly mitigated before reopening deposits. The company is committed to maximizing recovery for all affected users and has apologized for the incident. They will release a more detailed analysis of the attack and a proposed plan for remediation in the near future.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇨🇳 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | PeckShield, Tornado Cash, Tencent, Gamma Strategies |
| Currencies | Ethereum |
| Securities | None |
