Discover the crypto universe in depth

Gamma Strategies Falls Victim to Multi-Million Dollar Hack

Gamma Strategies Hacked for Millions of Dollars:

  • The DeFi protocol Gamma Strategies has been hacked, resulting in an estimated loss of $3.4 million.
  • Deposits into the protocol’s DeFi vaults have been disabled, but withdrawals remain possible.
  • A critical vulnerability in the protocol’s accounting mechanism has been identified as the main cause.

The Details of a $3 Million Hack

The Gamma Strategies protocol, which allows users to generate returns by depositing funds into ‘hypervisor’ liquidity pools, has recently fallen victim to a multi-million dollar hack.

A Vulnerability in Gamma’s Accounting Mechanism

According to analysts like PeckShield and BlockSec, this hack has resulted in a loss of approximately 1500 Ether, which amounts to over $3.4 million. The vulnerability was caused by an inconsistency in the accounting mechanism of the protocol.

Essentially, this flaw allowed the attacker to withdraw an excessive amount of tokens.

The root cause lies in the inconsistency between the deposit and withdrawal accounting mechanisms used by Gamma Strategies, which leads to a mismatch between liquidity and actions.

Gamma Strategies stated.

In immediate response, the Gamma Strategies team has taken preventive measures by disabling deposits in all of its public DeFi vaults, while still allowing withdrawals for users needing access to their funds.

Related Posts