Gamee Token Hacked: 600 Million Tokens Stolen and Dumped
Gamee, a gaming platform that rewards users with its native token GMEE, has confirmed that its token contracts on Polygon network were hacked on Saturday, January 22, 2024. The hacker managed to steal 600 million GMEE tokens, worth about $18 million at the time of the attack, and converted them into ETH and MATIC through various decentralized exchanges (DEXs). The incident caused the GMEE token price to plummet by 65% in the past 24 hours, according to CoinGecko.
According to a tweet by Gamee, the hack was caused by unauthorized access to the GMEE deployer address via GitLab, a web-based platform for software development and collaboration. The hacker used the compromised address to transfer the GMEE token ownership and mint new tokens. The Gamee team said they secured the token contracts and transferred the ownership to a new secure address as soon as they discovered the breach.
A few hours ago, there was unauthorized access to the $GMEE 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…
— GMEE Token (@GAMEEToken) January 23, 2024
The Gamee team also assured its community that the hack only affected the team’s proprietary token reserves, and no community-owned assets were exploited. Gamee does not custody or manage any user funds or assets, as they are stored in users’ own wallets or smart contracts. The team said they temporarily halted liquidity provisioning on all DEXs, notified all centralized exchanges (CEXs) with GMEE markets to disable deposits and freeze tokens linked to the hack, conducted a full security review of all procedures and contracts, and worked with law enforcements to begin legal proceedings.
The Gamee team expressed their sympathy and support for the affected users and said they would begin a process of identifying and compensating them. They also urged the users to exercise caution and be aware of the market volatility and liquidity impacts caused by the hack. They promised to provide real-time updates and a more detailed report within the next 48 hours.
Gamee is a platform that allows users to play casual games and earn GMEE tokens, which can be used to access premium features, buy in-game items, or stake for rewards. GMEE is an ERC-20 token that runs on Ethereum and Polygon networks. Gamee claims to have over 25 million registered users and over 80 games on its platform.
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