Gamma Strategies Suffers $3.4 mn Exploit
Decentralized finance protocol Gamma Strategies has suffered a $3.4 million loss due to an exploit, according to security analysts.
The protocol has disabled deposits in all public DeFi vaults and ensured active withdrawals for users. Security firms PeckShield and BlockSec reported the incident, which resulted in an estimated $3.4 million loss, with the hacker taking over 1500 ether.
BlockSec’s analysis identified a critical vulnerability in the protocol’s “accounting mechanism.” Users can deposit funds into pools called “hypervisors” and earn returns through active liquidity management and market-making strategies in Gamma Strategies, a decentralized asset management protocol built on Ethereum and other blockchains.
(With inputs from Shikha Singh)
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