Arbitrum

Polygon

GAMEE

<div class="cryptonews"> 
 <p class="is-style-lead">A series of unauthorized transactions on the Polygon network have been identified, leading to a loss of approximately $7 million.&nbsp;</p> 
 <p>The affected token, $GMEE, suffered a significant compromise, with initial investigations pointing to a lapse in access control. Since the breach was revealed, the GAMEE token has plummeted nearly 20% in the past hour.&nbsp;</p> 
 <p>The root of the <a rel="dofollow" title="breach" href="https://thebittimes.com/tag/breach.html">breach</a> appears to be the compromise of the $GMEE deployer address. Cyvers analysts told Crypto.News that the <a rel="dofollow" title="breach" href="https://thebittimes.com/tag/breach.html">breach</a> occurred around 6:31 PM UTC on January 22nd. They suspect that an unauthorized access to GitLab allowed the attackers to <a rel="dofollow" title="steal" href="https://thebittimes.com/tag/steal.html">steal</a> a staggering 600 million $GMEE <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s.</p> 
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    <p lang="en" dir="ltr">ALERTToday, our AI powered system has detected suspicious transactions involving @GAMEEToken on #Polygon with loss of $7M<br><br>Root cause appears to be a lack of access control, possibly resulting in the compromise of the $GMEE deployer address. Attacker also withdraw significant… pic.twitter.com/NetROboTnO</p> — Cyvers Alerts (@CyversAlerts) January 23, 2024
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 <p>The attackers swiftly converted the stolen tokens into $MATIC, and some of these funds were transferred, or ‘bridged,’ to the Ethereum blockchain.</p> 
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    <p lang="en" dir="ltr">Summary:<br>A few hours ago, there was unauthorized access to the $GMEE <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> <a rel="dofollow" title="contracts" href="https://thebittimes.com/tag/contracts.html">contracts</a> on Polygon leading to the theft of funds. Gamee team has secured all unauthorized access to the <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> <a rel="dofollow" title="contracts" href="https://thebittimes.com/tag/contracts.html">contracts</a>. The exploit affected proprietary team <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> reserves only, and no community-owned…</p> — GMEE Token (@GAMEEToken) January 23, 2024
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 <p>Several gaming tokens have already taken a major hit this week due to Bitcoin’s latest decline. This breach will potentially add more challenges for the sector. Overall, there has been a renewed surge in security breaches this week. Yesterday, liquidity management platform Concentric also experienced a breach on the Arbitrum network, costing the protocol nearly $1.8 million.&nbsp;</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Gaming tokens take hit from Bitcoin’s dip to $40k
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/hackers-steal-7m-from-breached-gamee-token-contracts-linked-to-polygon-tbt77388.html">https://thebittimes.com/hackers-steal-7m-from-breached-gamee-token-contracts-linked-to-polygon-tbt77388.html</a></p>

Hackers steal $7m from breached GAMEE token contracts linked to Polygon

TheBitTimes

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