Gamee, a blockchain gaming project, was hit with an exploit on Tuesday, resulting in the hackers gaining “unauthorized access” to the Gamee token (GMEE) contracts on Polygon.
Gamee, a blockchain gaming project, was hit with an exploit on Tuesday, resulting in the hackers gaining “unauthorized access” to the Gamee token (GMEE) contracts on Polygon. The project, backed by Animoca Brands, lost 600 million tokens as a result. According to an announcement by Gamee on X, the Polygon GMEE deployer address was compromised via unauthorized GitLab access. This led to a large theft of tokens, which were subsequently converted to ETH and MATIC. The impacted tokens were valued at approximately $15 million at the time of the incident.
The exploit affected proprietary team token reserves only, and no community-owned assets were compromised. Gamee does not custody or manage any community-owned assets. According to CoinMarketCap data, the price of the GMEE token plummeted by over 78% since the incident to $0.0053. However, the token value has recovered slightly to trade at $0.019.
Gamee has assured its community that it is working to identify impacted users and explore a plan to support them during this challenging period. The company is also taking steps to enhance its security measures to prevent similar incidents from occurring in the future.
The Gamee token has seen an exceptional rally in November last year, increasing its value by over 16X amidst the blockchain gaming hype and wider crypto market exuberance.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
