The Gamma protocol investigates an attack that depleted Ether.
Ethereum-based asset management protocol Gamma Strategies has announced an investigation into security issues that could drain at least 211.9 Ether (ETH).
On January 4, blockchain researcher PeckShield found an exploit of approximately $469,000 linked to Gamma Strategies.
Not long ago, the decentralized finance (DeFi) protocol confirmed a “potential security issue” but users were assured that they could still withdraw their money if needed.
We are monitoring and responding to potential security issues. Please bear with us while we take security precautions to review the issue. If you want to draw, the end of our face is still at https://t.co/p5JwV003JJ
— Gamma (@Gamma Strategies) January 4, 2024
Gamma did not immediately respond to Cointelegraph's request for comment. However, the company said in a post on X (formerly Twitter) that it will reveal more details about the incident after completing the investigation.
Related: Crypto hack losses down 51% by 2023: Report
Additionally, Cointelegraph also noticed a fake verified X account impersonating Gama's social media presence in the confusion. As shown in the screenshot below, the fake X account was trying to redirect legitimate investors to a phishing website, saying “All users should revoke all approvals to prevent financial loss.”
The fake post got more likes and views than the original Gamma tweet warning about the security incident. Until investigations are completed, investors are advised to double-check all links and ensure that they interact with Gamma only through official channels.
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