Orbit Chain

Token

2024

Polygon

<p class="is-style-lead">Blockchain project Gamee reported exploiting contracts for the native token Gamee (GMEE).</p> 
<p>In a Jan. 23 post, Animoca Brands-backed Gamee confirmed that its GMEE contracts to Polygon had been subject to “unauthorized access.” The incident resulted in the theft of 600 million tokens. At the time of the incident, the affected tokens were valued at $15 million.</p> 
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   <p lang="en" dir="ltr">Summary:<br>A few hours ago, there was unauthorized access to the <a href="https://twitter.com/search?q=%24GMEE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$GMEE</a> token contracts on Polygon leading to the theft of funds. Gamee team has secured all unauthorized access to the token contracts. The exploit affected proprietary team token reserves only, and no community-owned…</p>— GMEE Token (@GAMEEToken) <a href="https://twitter.com/GAMEEToken/status/1749652962849464727?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 23, 2024</a>
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<p>To mitigate the impact of the exploit, Gamee added that it will identify affected users and explore a plan to support its “loyal community during this difficult period.”</p> 
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 <p>“We understand the importance of trust and transparency for our community. We will continue to provide real-time updates as more details are uncovered and actions are taken. You can expect a more detailed update within the next 48 hours on our next steps.”</p> <cite>Gamee team</cite>
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<p>According to CoinMarketCap, the price of the GMEE token has fallen 47% over the past 24 hours to $0.015. However, trade in the token sharply increased by 7740%, which may indicate a massive coin sale.</p> 
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<p>According to <a href="https://downloads.ctfassets.net/t3wqy70tc3bv/ItxhGk5tgb1sj3DCC4ZoA/e3be78485ac665f585b77643d5dee001/Immunefi_Crypto_Losses_Final.pdf" target="_blank" rel="noopener">Immunefi</a>, due to hacking and fraud, the crypto industry suffered losses of $1.8 billion in 2023. The researchers calculated that 219 hacker attacks accounted for $1.69 billion in losses, and about $103 thousand were lost in 100 fraud cases.</p> 
<p>This year, the crypto industry has also faced a series of high-profile <a href="https://crypto.news/tag/hack/">hacks</a>. Thus, the first hack of a cryptocurrency platform in 2024 led to losses of tens of millions. The Orbit Chain cross-chain bridge from the South Korean company Ozys <a href="https://crypto.news/cross-chain-protocol-orbit-bridge-suffers-exploit-losses-surpass-80m/">suffered</a> due to a severe hacker attack, which resulted in losses amounting to $81.5 million in various cryptocurrencies.</p> 
<p> You might also like: <a href="https://crypto.news/biggest-crypto-hacks/"> Major crypto hacks of 2023: how the industry lost over $1 billion in minutes </a> </p>

Animoca-backed project comments on $15m exploit of token contracts

crypto.news

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