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11 months ago
6
ARTICLE AD BOX
- A significant chunk of the stolen funds—$2.2 million—was traced back to Tornado Cash.
- Gamma Strategies has temporarily halted all vault deposits while allowing withdrawals.
An Ethereum-based liquidity management protocol, Gamma Strategies, has been exploited. As a result of this occurrence, which included the illicit removal of digital assets worth $3.4 million, Gamma has taken some measures in handling the ensuing events.
In determining the scope of this vulnerability, the blockchain security company PeckShield was essential. Approximately 211.9 Ether (ETH), or about $469,000., was the first loss estimate. Subsequent analyses conducted by PeckShield, however, put the overall damage at $3.4 million.
Vault Deposits Halted
Quite surprisingly, a significant chunk of the stolen funds—$2.2 million—was traced back to Tornado Cash, a cryptocurrency mixer. In light of the current situation, Gamma Strategies has temporarily halted all vault deposits while allowing users to continue making withdrawals.
Taking such a firm stance was an attempt to forestall any more exploitation of the system’s weaknesses. And to top it all off, Gamma Strategies has offered the hacker a reward to get them to hand over the stolen assets.
The attack’s origin has been located by the Gamma team. The community has been reassured that the danger of further losses has been significantly reduced by blocking deposits to the public-facing vaults. This preventative measure emphasizes the need of acting quickly and strategically when confronted with cyber security risks. Having an outside party evaluate the code is an important element of their recovery strategy.
This is to make sure that all the security holes that were exploited in the assault have been fixed before deposit services are resumed. Furthermore, in order to minimize any long-term effects from this occurrence, the protocol is dedicated to giving impacted users’ recovery first priority.
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