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- 1 Gamee, a social gaming platform, has a token called GMEE that was exploited on Monday evening.
- 2 It experienced an unauthorized trade of 600 million GMEE tokens, amounting to $15 million.
- 3 The team is trying to further study the causes of this and develop measures to prevent such activities in the future.
Animoca Brands backs Gamee, a blockchain gaming project that has confirmed a major exploit in its Gamee (GMEE) token contracts on the Polygon network. The exploitation resulted in unauthorized access to its contracts, which led to the theft of a whopping 600 million tokens valued at $15 million.
Revelation of the Theft
On January 22, at 6:31 p.m. (UTC), the deployer address was compromised through unauthorized GitLab access, leading to the theft of 600 million GMEE tokens and the unauthorized conversions to ETH and Matic. In the next few hours, the exploiter exchanged tokens via various decentralized exchanges, which affected the prices of $GMEE tokens.
Immediate Response of GMEE
Upon discovering the unauthorized transfer, the team secured token contract ownership and contracts associated with the compromised deployer address. To secure it, they have transferred ownership to a new secure address.
The team immediately announced on its X account to inform its investors and asked them to bear with the situation.
Ongoing Actions
The Gamee platform performed some actions to safeguard the funds and interests of its users:
- The Gamee platform has temporarily halted liquidity provisioning on all DEXs.
- The team notified all the centralized exchanges that traded $GMEE and asked them to temporarily disable deposits and freeze tokens that were linked to the hack.
- The team is also conducting additional security reviews for all the existing procedures and contracts.
- They are also working with law enforcement and are initiating legal proceedings to prevent such future events
Word of Caution
The team addressed its community, stating,
“We understand many within the Gamee community have been affected by these unauthorized transactions and price volatility. We will begin a process of identifying impacted users and explore how we can support our loyal community through this challenging period.
In the meantime, please exercise caution given the volatile market conditions and potential liquidity impacts driven by CEX measures.” With these, the team is trying to appreciate and request support from the community.
What’s Next
The team has asked the community to wait for 48 hours so that they can figure out all the reasons for unauthorized activities. They will get back to the users with a detailed update.
They stated, “We understand the importance of trust and transparency for our community. We will continue to provide real-time updates as more details are uncovered and actions are taken. You can expect a more detailed update within the next 48 hours on our next steps. Thank you for your patience and support.”
They emphasize trust and transparency and will try to improve the trust and transparency of the platform shortly. The honest confession of the fallacy of security and the immediate address to the issue will improve sentiments around the token.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
