Gamma Strategies, an Ethereum-based liquidity management protocol, has encountered a security breach. This incident, involving an unauthorized extraction of $3.4 million in digital assets, has prompted Gamma to take unusual steps in its aftermath management. PeckShield, a blockchain security firm, played a crucial role in identifying and quantifying the extent of this exploit.
Gamma’s Proactive Response to Security Breach
Initially, the loss was estimated at around 211.9 Ether (ETH), valued at approximately $469,000. However, subsequent assessments by PeckShield revealed that the total damage extended to $3.4 million. In an unexpected turn of events, a considerable portion of the stolen funds, amounting to $2.2 million, was tracked to Tornado Cash, a cryptocurrency mixer.
Bounty Negotiation Efforts
In response to this crisis, Gamma Strategies has immediately suspended all deposit activities in its vaults while maintaining the withdrawal option for its users. This decisive action aime
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