Hong Kong-based crypto investment firm Animoca Brands’ blockchain gaming project Gamee confirmed unauthorized access to Gamee token (GMEE) contracts on Polygon on January 23, leading to the theft of 600 million GMEE tokens. The incident resulted in a significant token heist, with the stolen crypto assets valued at $15 million. Gamee announced that all unauthorized accesses to token contracts had been secured.
Following the breach, Gamee reported that the GMEE distribution address on Polygon was compromised early on January 23 through unauthorized GitLab access. This led to the theft of a large number of tokens, which were later converted to Ethereum and MATIC. The hacker exchanged the stolen tokens via various DEXs, impacting the GMEE token price on exchanges.
The hack caused GMEE token prices to plummet by 64% in 24 hours to below $0.01, according to CoinGecko data. Gamee officials clarified that the attack only affected the company’s token reserves and did not jeopardize any community-owned assets, as Gamee does not store or manage any community assets.
Gamee’s team committed to identifying affected users and exploring a plan to support their loyal community during this challenging time. Recent hack attacks continue to instill fear and concern among blockchain users.
Developers’ code designs for blockchain platforms continue to attract the attention of expert black-hat hackers, prompting significant security measures in the blockchain space. Legal regulations by governments and proactive security steps by users and platform teams in the blockchain sector have contributed to a noticeable decrease in hack attacks.