Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home Incidents

Gamma’s DeFi Loss Hits $3.4M

January 5, 2024
Reading Time: 3 mins read
in Incidents

Blockchain security firm PeckShield detected an exploit in Gamma’s Ethereum-based liquidity management protocol on January 4, resulting in losses initially estimated at 211.9 Ether, equivalent to around $469,000. However, the confirmed losses amounted to $3.4 million, with the exploiter transferring $2.2 million to the crypto mixer Tornado Cash. In response, Gamma shut down its vault deposits, allowing only withdrawals, and reached out to the exploiter’s wallet address to initiate negotiations for a bounty in return for the crypto assets. The protocol assured the community that shutting down deposits for public-facing vaults nullified the attack, as a deposit was required for the attack vector.

Gamma Strategies, the decentralized finance protocol, identified the root cause of the attack and outlined its steps moving forward. The protocol plans to undergo a third-party code review to mitigate the attack before reopening deposits. Gamma emphasized its commitment to maximizing recovery for all affected users. The firm also sent a message to the attacker, expressing its intention to negotiate a bounty for the return of the stolen $3.4 million in digital assets. Gamma apologized to those impacted and promised to release a detailed post-mortem analysis and proposed remediation plan in the coming days.

The incident highlights the ongoing challenges faced by decentralized finance protocols in securing their platforms against exploits. Gamma’s decision to engage in negotiations for a bounty reflects a pragmatic approach to recovering the funds lost in the attack. The broader crypto community will likely scrutinize the protocol’s response and the effectiveness of its proposed mitigation measures to assess the overall security of DeFi platforms.

Reference:
  • We’re monitoring and reacting to a possible security incident
Tags: CryptocurrenciesCyber AttacksCyber Incidents 2024cyber-incidentcybercrimesDecentralized FinanceDeFi protocolsGammaJanuary 2024PeckShieldStolen funds
ADVERTISEMENT

Related Posts

Cybersecurity Firms Hit By Breach

Bridgestone Confirms Cyberattack

September 5, 2025
Cybersecurity Firms Hit By Breach

North Korean Hackers Fake Interviews

September 5, 2025
Cybersecurity Firms Hit By Breach

Cybersecurity Firms Hit By Breach

September 5, 2025
Salesloft Drift Attacks Hits Vendors

Salesloft Drift Attacks Hits Vendors

September 4, 2025
Salesloft Drift Attacks Hits Vendors

Jaguar Land Rover Hit By Cyber Incident

September 4, 2025
Salesloft Drift Attacks Hits Vendors

Hackers Use Grok Ai To Spread Malware

September 4, 2025

Latest Alerts

SAP S4hana Exploited Vulnerability

Virustotal Finds Undetected SVG Files

Russian APT28 Deploys Outlook Backdoor

CISA Flags TP Link Router Flaws

Lazarus Hackers Exploit ZeroDay, Deploy Rats

Google Patches 120 Flaws In Android

Subscribe to our newsletter

    Latest Incidents

    North Korean Hackers Fake Interviews

    Bridgestone Confirms Cyberattack

    Cybersecurity Firms Hit By Breach

    Salesloft Drift Attacks Hits Vendors

    Jaguar Land Rover Hit By Cyber Incident

    Hackers Use Grok Ai To Spread Malware

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial