Gamee falls victim to a security breach resulting in the theft of over 600 million tokens
The Web3 project Gamee, backed by investment fund Animoca Brands, has recently confirmed that it experienced a security breach in its GMEE contracts (Gamee’s native token) on Polygon. The project describes an ‘unauthorized access’ that led to the loss of several hundred million GMEE tokens.
This security breach occurred on Tuesday at around 7:30 PM French time, resulting in the theft of 600 million tokens, valued at $15 million at the time of the incident.
The exploiter reportedly exchanged these compromised tokens through various decentralized protocols (DEX), significantly impacting the price of the GMEE token on several exchange platforms. As a result, the price of the GMEE token plummeted by up to 85% in less than 24 hours, dropping below $0.006.
Since reaching its bottom point, the token’s price has recovered by approximately 200% to reach $0.014.
Only the team’s reserves were affected
Following the exploit, Gamee assured that all its contracts have been secured. They also emphasized that only the team’s token reserves were affected, and no assets belonging to the community have been compromised.
“The exploit only affected the team’s proprietary token reserves, and no assets belonging to the community have been compromised,” Gamee stated. “Gamee neither retains nor manages any assets belonging to the community.”
Gamee does not manage community assets. In an effort to support its loyal community during this difficult time, Gamee announced its intention to identify impacted users and explore a support plan.
