Animoca-backed project comments on $15m exploit of token contracts

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Blockchain mission Gamee reported exploiting contracts for the native token Gamee (GMEE).

In a Jan. 23 put up, Animoca Manufacturers-backed Gamee confirmed that its GMEE contracts to Polygon had been topic to “unauthorized entry.” The incident resulted within the theft of 600 million tokens. On the time of the incident, the affected tokens had been valued at $15 million.

To mitigate the impression of the exploit, Gamee added that it’s going to establish affected customers and discover a plan to assist its “loyal group throughout this tough interval.”

“We perceive the significance of belief and transparency for our group. We’ll proceed to supply real-time updates as extra particulars are uncovered and actions are taken. You may count on a extra detailed replace throughout the subsequent 48 hours on our subsequent steps.”

Gamee workforce

In line with CoinMarketCap, the worth of the GMEE token has fallen 47% over the previous 24 hours to $0.015. Nevertheless, commerce within the token sharply elevated by 7740%, which can point out an enormous coin sale.

Animoca-backed project comments on $15m exploit of token contracts - 1

In line with Immunefi, on account of hacking and fraud, the crypto business suffered losses of $1.8 billion in 2023. The researchers calculated that 219 hacker assaults accounted for $1.69 billion in losses, and about $103 thousand had been misplaced in 100 fraud circumstances.

This 12 months, the crypto business has additionally confronted a collection of high-profile hacks. Thus, the primary hack of a cryptocurrency platform in 2024 led to losses of tens of hundreds of thousands. The Orbit Chain cross-chain bridge from the South Korean firm Ozys suffered on account of a extreme hacker assault, which resulted in losses amounting to $81.5 million in numerous cryptocurrencies.

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