Gamma protocol investigates potential attack that drained Ether

Investigation into Security Incident at Gamma Strategies

Gamma Strategies, an Ethereum-based asset management protocol, has launched an investigation into a security incident that drained 211.9 Ether (ETH) worth approximately $469,000.

On Jan. 4, blockchain investigator PeckShield noticed an exploit related to the DeFi protocol. Subsequently, Gamma Strategies confirmed the “possible security incident” and assured users they can still withdraw their funds if needed.

Cointelegraph contacted Gamma Strategies for comment, but the crypto website did not respond. Nevertheless, on X (formerly Twitter), the company mentioned that more details about the incident will be revealed after the investigation is completed.

Moreover, Cointelegraph also noticed a fake verified X account impersonating Gamma’s social media presence amid the confusion. The crypto fake was trying to redirect actual investors to a phishing website while urging “all users to revoke all approvals to prevent loss of funds,” as shown in the screenshot below.

The defi crypto post garnered more likes and views than the original Gamma tweet warning about the security incident. Until investigations conclude, investors are advised to double-check all links and ensure they only interact with Gamma through official channels.

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