Gamee, backed by Animoca, grapples with a massive token theft amidst compromised contracts affecting 600 million GMEE.

This blockchain gaming initiative supported by Animoca Brands has confirmed that their Gamee token (GMEE) contracts on Polygon experienced unauthorized access, resulting in a significant theft of 600 million tokens. Gamee On Tuesday, Gamee announced that the Polygon GMEE deployer address was breached through unauthorized access to GitLab, leading to a significant theft. The affected tokens were later converted into Ethereum's native currency.

At the time of the theft, the total worth of the compromised tokens was approximately $15 million. ETH and Polygon’s native token MATIC Gamee noted that in the following hours, the thief traded the stolen tokens on various decentralized exchanges, adversely impacting the GMEE token value across multiple platforms. This update was shared via Gamee's publication on social media.

The team behind Gamee reassured users that they have taken measures to secure all token contracts against further unauthorized access. Data from CoinGecko indicates that the GMEE token has plummeted by 64% within the past day, dropping below the $0.01 mark.

Our initial investigations reveal that on January 22 at 6:31 pm (UTC), there was potential compromise of the Polygon deployer address due to unauthorized access through GitLab, leading to the extensive theft of 600 million tokens and subsequent unauthorized exchanges for ETH and MATIC.

The Perilous Nature of Security Breaches

Gamee operates as a play-to-earn gaming platform, where players can engage in various missions, join tournaments, and earn rewards. With a user base exceeding 30 million, the platform aspires to integrate blockchain technology within mainstream gaming, ensuring that skills, efforts, and loyalty are recognized and rewarded. Since its acquisition in 2021, Gamee has expanded its reach to global brand partnerships, collaborating with renowned entities such as Manchester City FC, Atari, and Bratz.

Unfortunately, hacks and token thefts have become a chronic issue for blockchain enterprises, and the gaming sector is not immune to these threats. A blockchain-centric metaverse company recently faced a similar breach when a malicious actor accessed an employee’s computer and issued deceptive emails to users, urging them to visit the platform while embedding links that could download malware onto their devices.

This malware provided the intruder with control over the affected user's computer, compromising their personal information.

Despite the token theft and unauthorized access, Gamee remains steadfast in its commitment to uphold community support and fortify its token contracts during these tumultuous times. Animoca Brands It's important to remember that the information presented on this page should not be taken as financial, legal, tax, or investment advice. Only invest what you can afford to lose, and it's advisable to seek independent financial counsel if you have uncertainties. For more details, check out the terms and conditions, as well as the help and support resources offered by the issuer or advertiser. MetaversePost aims to deliver accurate and impartial reporting, yet market conditions can shift at any moment.

Exploits, unauthorized access Alisa, a passionate journalist at Cryptocurrencylistings, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive world of Web3. With a sharp insight on emerging trends and technologies, she provides in-depth coverage to inform and engage readers amidst the ever-shifting digital finance landscape. security issues .

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