Gamma Strategies, an Ethereum-based asset management protocol, has announced an investigation into a potential security incident that may have cost at least 211.9 Ethereum. Blockchain researcher PeckShield identified a vulnerability linked to Gamma Strategies on January 4, amounting to approximately $469,000.
Shortly after the announcement, the decentralized finance (DeFi) protocol confirmed the potential security event and assured users that they could withdraw their funds if necessary, mitigating concerns.
While Gamma withheld details of the incident, the company indicated on social media platform X that more information would be disclosed following the investigation.
Amid the confusion, a fake verified X account impersonating Gamma’s social media account was quickly spotted. This fraudulent account attempted to redirect real investors to a phishing website and urged users to cancel all approvals to prevent fund loss.
Investors were advised to double-check all links and interact with Gamma only through official channels until the investigation is concluded. Meanwhile, the crypto market continues to grapple with hack attacks, as seen with KyberSwap, which suffered a $49 million attack and subsequently reduced its workforce by 50% to maintain exchange operations.