Major Security Breech:: 600 million Stolen from Gamee contract

[Gladitorcomeback]

A very sad news for one of major gaming platform Gamee whose polygon contract has been compromised and hacker access to stole 600 million fund. This is biggest fund stolen in 2024 so far.

The fund stolen was own by team allocation and only public owned tokens is still safe but holders affected due to volatility and dump due to this case.

Team said that they removed liquidity from dex, ask exchanges to freeze deposit. They assure that they will do their best for affected users.

What do you think ,it will be possible for Gamee team to recover assets and what could be next step of hackers?

Source News

[Charles-Tim]

They can approach the hacker to take like 10% and send them back the remaining. But what if the hack do not listen and doing nothing?

They do removed liquidity? Which means they are very centralized and other user are affected. This is one of the reasons not to use all these centralized coins/tokens.

[Aanuoluwatofunmi]

A very sad news for one of major gaming platform Gamee whose polygon contract has been compromised and hacker access to stole 600 million fund. This is biggest fund stolen in 2024 so far.

This is a sad experience for them to start the year with, loosing money to hackers is not what one can pray to have experience with, there is more expected of us to ensure a good and standard security practice of how we run our various platforms, this scammers and hackers are lurking around us looking for a means they could hold as entry point to attack, but when we are fully aware of that then will not be deceived or fall in for any means they are using for their hack.

[Hamza2424]

A very sad news for one of major gaming platform Gamee whose polygon contract has been compromised and hacker access to stole 600 million fund. This is biggest fund stolen in 2024 so far.

The fund stolen was own by team allocation and only public owned tokens is still safe but holders affected due to volatility and dump due to this case.

Team said that they removed liquidity from dex, ask exchanges to freeze deposit. They assure that they will do their best for affected users.

What do you think ,it will be possible for Gamee team to recover assets and what could be next step of hackers?

Source News

Quite, sad! but this is not the first time where we have heard about such incidents in the DeFi / Gaming space. There are many historical scams where hackers targeted the loopholes in the contract to compromise the system and steal funds, AXEifinity, and Ronin Wallet, are some of the prominent names I can recall for now, and for the Play to earn games and other gaming protocols there are plenty of examples.

Haha and 2024 just started we are hearing about the biggest scam of 2024, I'm sure there are more on the way the developers of such projects need to be punished who didn't recognize the possible vulnerabilities.

[Faisal2202]

A very sad news for one of major gaming platform Gamee whose polygon contract has been compromised and hacker access to stole 600 million fund. This is biggest fund stolen in 2024 so far.

This is really bad news, although I am not a big fan of this token and to be honest, never heard about it before, but its sad that how the investors would be crushed in this pressure from both side (one from the market and second from this exploit).

And just to be sure, this is not the biggest exploit so far, because the 600 million tokens were stolen and at the current price they are worth around $10 million but on 2nd Jan 2024, another hack occurred in which $81 million dollars was looted (source) Besides this there are other hacks too, like the one of, Radiant Capital Loss which in which hacker looted 4.5 million dollars.

What do you think ,it will be possible for Gamee team to recover assets and what could be next step of hackers?

Nah, it won't be possible for the team to recover the loss, unless the hackers returns the money by themselves in return of bounty, because when they will know they are near to get caught they will turn themselves in by saying they were testing the Gamee security layers and they was doing it for bounty.

[Husires]

What do you think ,it will be possible for Gamee team to recover assets and what could be next step of hackers?

Most likely, a settlement will be reached by paying 5% or 10% to the hackers while ensuring that there is no legal prosecution and working within the #DevelopmentTeam , or part of the assets will be frozen and you will have to wait for years before being able to recover them. The problem is not in recovering customer deposits, but rather in trust. Will such a service trusted in the future? ? I don't trust most of these decentralized contracts

[TomPluz]

A very sad news for one of major gaming platform Gamee whose polygon contract has been compromised and hacker access to stole 600 million fund. This is biggest fund stolen in 2024 so far.

What do you think ,it will be possible for Gamee team to recover assets and what could be next step of hackers?

I really doubt if they can be able to recover ALL the stolen funds as these hackers surely will also do everything they can to convert the assets into cash...that is their main goal and I am sure this is not their first attack ever so they got the experience and for sure they also have some connections. This is really a big sad news...and yes the first one in 2024 and yet this will never be the last as hacking is now quite a very lucrative operation. In fact, many of us in the crypto space may not anymore be shocked with a hack of this magnitude that can sadly affect many people and the platform being victimize. This is then a very dire warning to all crypto-based platforms to level up their security and do everything possible to fortify their defense. 

[Gladitorcomeback]

They can approach the hacker to take like 10% and send them back the remaining. But what if the hack do not listen and doing nothing?

I believe that hackers are not going to return any thing. Hackers could take security breech bounty rewards which could be 10% as you mentioned but still there is no news from Gamee official team which indicates that they have not recieved any message from Hackers

They do removed liquidity? Which means they are very centralized and other user are affected. This is one of the reasons not to use all these centralized coins/tokens.

Yes all centralized tokens working in same way.  If you missed the news that usdt stable coins also freezed in some wallets address which shows how centralized these tokens are. This is the reason btc is more trusted than any other coin.

A very sad news for one of major gaming platform Gamee whose polygon contract has been compromised and hacker access to stole 600 million fund. This is biggest fund stolen in 2024 so far.

What do you think ,it will be possible for Gamee team to recover assets and what could be next step of hackers?

I really doubt if they can be able to recover ALL the stolen funds as these hackers surely will also do everything they can to convert the assets into cash...that is their main goal and I am sure this is not their first attack ever so they got the experience and for sure they also have some connections. This is really a big sad news...and yes the first one in 2024 and yet this will never be the last as hacking is now quite a very lucrative operation. In fact, many of us in the crypto space may not anymore be shocked with a hack of this magnitude that can sadly affect many people and the platform being victimize. This is then a very dire warning to all crypto-based platforms to level up their security and do everything possible to fortify their defense. 

Gamee team gives update in twitter that only 200 million tolen is still in the hand of hackers on the polygon network while Ethereum network tokens are safe. Team stopped the bridge and Hopefully hackers will not be able to trade these tokens.

[Captain Corporate]

Animoca constantly keeps getting bad publicity, I am feeling like its just a company that is not managed well. Good news is, there was not a single token stolen from the people, it was just the reserves for the team, nothing more. That did not stop people selling of course, its basically already gone. In any case, I feel like this wasn't that big, plus it wasn't 600 million dollars or anything, it was less than 15 million dollars worth at the time of hack, probably much much less now. They should be glad that it stopped there, it could have been something much major if they didn't stop the hackers on time, it was only the reserves that got hacked, so it should be fine.

[HarryWallker]

There are many historical scams where hackers targeted the loopholes in the contract to compromise the system and steal funds, AXEifinity, and Ronin Wallet, are some of the prominent names I can recall for now, and for the Play to earn games and other gaming protocols there are plenty of examples.

[ABCbits]

They do removed liquidity? Which means they are very centralized and other user are affected. This is one of the reasons not to use all these centralized coins/tokens.

It's possible they actually wanted to say they don't accept trading request from decentralized exchange. Nevertheless, i would assume such token is centralized on certain aspect.

Animoca constantly keeps getting bad publicity, I am feeling like its just a company that is not managed well. Good news is, there was not a single token stolen from the people, it was just the reserves for the team, nothing more. That did not stop people selling of course, its basically already gone. In any case, I feel like this wasn't that big, plus it wasn't 600 million dollars or anything, it was less than 15 million dollars worth at the time of hack, probably much much less now. They should be glad that it stopped there, it could have been something much major if they didn't stop the hackers on time, it was only the reserves that got hacked, so it should be fine.

But CoinMarketCap state there are only 3.18 billion GMEE token[1]. About 1/5 of all token got stolen sounds very serious to me.

[1] https://coinmarketcap.com/currencies/gamee/

[pakhitheboss]

Security breaches have become quite common in the crypto industry. The problem is that these organizations do not place proper security measures or test their contracts before placing them for public use. Another reason is that most of their employees do not go through proper verification and are always in remote locations and these employees are the ones who create vulnerability to crypto projects. Such breaches mostly happen because an employee becomes rogue and uses his/he position to steal money from the company.