Social gaming platform Gamee’s token suffered an exploit late Monday evening, with the alleged perpetrator taking 600 million GMEE tokens that were subsequently liquidated for Ethereum and other cryptocurrencies, the token’s reps shared.
The GMEE token’s contracts—not user wallets or accounts—were exploited but have since been “secured,” according to the team, which stated that a compromised deployer address is no longer a risk because the team moved ownership to a new address.
The exploit and ensuing selloff cause GMEE’s price to fall off a cliff, nosediving from roughly $0.025 to sub-$0.01 levels, per CoinGecko data. It dumped more than 60% in a matter of minutes, and plunged further soon after. But at this point, the token has recovered some ground, now down 45% in the last day.
In the wake of the exploit, the Gamee token team has reportedly stopped decentralized exchange liquidity provisions for the token, notified centralized exchanges of the exploit, is working on a “full security review,” and is in touch with law enforcement on next steps, according to a post.
Summary:
A few hours ago, there was unauthorized access to the $GMEE token contracts on Polygon leading to the theft of funds. Gamee team has secured all unauthorized access to the token contracts. The exploit affected proprietary team token reserves only, and no community-owned…
— GMEE Token (@GAMEEToken) January 23, 2024
“We will begin a process of identifying impacted users and explore how we can support our loyal community through this challenging period,” the team added.
Animoca Brands previously acquired the Gamee platform—which consists of over 80 casual browser-based and mobile games—back in 2020 for roughly $4.3 million.
Animoca Brands did not immediately respond to Decrypt’s request for comment.
Edited by Andrew Hayward
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Source: https://decrypt.co/213929/animoca-brands-gmee-token-plunges-60-percent-after-exploit
