Gamma Strategies faces security attack, over 200 ETH at risk
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Gamma Strategies, an Ethereum-based asset management protocol, is currently working to resolve a security flaw that may have resulted in the loss of 211.9 ETH.
On January 4, blockchain analytics company PeckShield It has been identified The attack against Gamma Strategies is estimated to be worth approximately $469,000.
Shortly after the decentralized finance (DeFi) protocol launched, Gamma acknowledged “potential security issues” while assuring users that they could still withdraw funds if necessary.
In a follow-up post on X two hours later, the company said it would provide more details about the incident once the investigation is complete.
Meanwhile, amid the ongoing chaos, a verified fraudulent X account impersonated Gamma’s social media presence.
The imposter account attempted to direct actual investors to a phishing website while urging “all users to revoke all approvals to protect their funds.” Notably, the fake account’s post received more attention than Gamma’s own warning message about the breach.
Hackers stole billions in cryptocurrency in 2023
The latest breach adds to a series of hacks plaguing the cryptocurrency industry. In 2023, the industry suffered nearly $2 billion in losses from such incidents, with the largest hacks occurring in the second half of the year.
The Mixin platform suffered a major blow in September, losing $200 million and being unable to find the attackers or recover the funds. However, Mixin promises to compensate users for half of their lost positions.
Other notable breaches include a security incident at popular cryptocurrency exchange Poloniex in November, which initially reported losses of $33 million, later adjusted to more than $120 million.Crypto gambling platform Stake is also facing $41 million Stolen in September.
The rise in cryptocurrency hacks in late 2023 marks a troubling trend for the industry heading into 2024, a critical year highlighted by major events such as the launch of a spot Bitcoin ETF in January and the Bitcoin halving in April This year.
As the industry prepares for a busy 2024, hackers are also preparing for a busy 2024. Strengthening resilience across the board is critical to mitigating these widespread threats, otherwise the crypto industry could face costly consequences in the year ahead.
