Algebra DEX Engine Reports a Significant Loss of 211.9 ETH Due to Security Breach; Investigation Ongoing
In Brief
Following a security incident, Algebra DEX Engine has faced a loss of 211.9 ETH. Investigations are underway, confirming that the breach did not stem from any flaws within the Algebra code itself.
Liquidity protocol Algebra DEX Engine The platform encountered a security breach, leading to a loss of 211.9 ETH, roughly translating to $469,000. Algebra DEX Engine has publicly acknowledged the attack and is currently probing its origins.
Preliminary findings during the investigation clarified that the cybersecurity issue was not linked to the Algebra code.
In-depth analysis conducted by PeckShield found that the breach was not connected to the Algebra DEX Engine, but rather to the liquidity management protocol within the Arbitrum ecosystem. Gamma , a partner of Algebra.
To address the situation, Gamma, a protocol engineered for non-custodial, automated, and proactive liquidity management, assured its users that they are continually monitoring the developments. security measures While managing the situation, Gamma reassured users that the front-end functionality of the platform remains secure for those looking to withdraw their funds.
In a statement shared via social media (formerly known as Twitter), Gamma expressed its dedication to resolving the ongoing issue and promised to keep users updated. They encouraged users to remain patient as security measures and evaluations continue.
The protocol is integrated into a Web Application that features an automated interface available to all users, along with a specialized Enterprise interface designed specifically for organizations like DAOs and treasuries. protocols .
Algebra operates as a DEX Engine, equipping projects with the technology to easily implement Concentrated Liquidity features, Dynamic Fees, Integrated Farming, and a variety of other functionalities. It has already seen successful integration with several decentralized exchanges like Camelot, THENA, QuickSwap, StellaSwap, Lynex, Swapsicle, and Synthswap.
Last year, Algebra DEX Engine forged a robust partnership with Gamma Strategies. Their collaboration aims to provide automated rebalancing. liquidity This ensures liquidity stays within desired parameters and facilitates the auto-compounding of swap fees to enhance capital efficiency.
The recent security challenge prompted a joint response from Algebra DEX Engine and Gamma, reiterating their commitment to ongoing safeguards while both protocols remain focused on addressing the problem and prioritizing user safety.
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