Gamma Strategies Informs of Security Breach; KyberSwap Retrenches Amid Crypto Exploits
Summary:
The Ethereum-based financial platform, Gamma Strategies, is under investigation due to a security breach leading to a loss of at least 211.9 Ether (ETH), approximately $469,000. The company confirmed the incident and assured users of the availability of fund withdrawal. A parallel incident featured a counterfeit Gamma account on X trying to divert users to a phishing site. In related news, KyberSwap, suffering a $49 million exploit, is reducing its workforce by half and has paused some projects to manage expenses.
An ongoing security breach affecting Ethereum-backed financial management platform Gamma Strategies is currently under investigation. On 4th January, the persons responsible reportedly extracted at least 211.9 Ether (ETH), a cyber asset, amounting to virtually $469,000, according to PeckShield, a blockchain analysis firm. Shortly after the event was revealed, Gamma Strategies verified the potential security compromise yet assuring its clients that their accounts were still accessible for withdrawals, in case they desired so.
While Gamma failed to promptly react to Cointelegraph's queries for a response, the firm promised to disclose more information concerning the breach after thoroughly examining the situation. A well-coordinated campaign to hijack Gamma's online image also came under Cointelegraph's radar during this time, with a counterfeit X account aiming to lead genuine investors towards a fraudulent webpage. This simulated post gained a wider audience than Gamma's actual alert about the security breach. As a safe bet until the end of the probe, investors are encouraged not to click on any links carelessly and to only connect to Gamma via its verified platforms.
KyberSwap, another crypto firm, reported a revenue loss of $49 million resulting from an exploit and, as a result, is planning to downsize its team by half to sustain the company’s day-to-day activities. Furthermore, the business has temporarily postponed its liquidity protocol projects along with the KyberAI endeavour to curb capital outflows, announced CEO Victor Tran. Despite these setbacks, he affirmed that the company's essential operations, including the Aggregator and Limit Order functions of KyberSwap, were continuing to run smoothly.
Published At
1/4/2024 11:33:11 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.