{"id":68193,"date":"2024-01-04T10:44:59","date_gmt":"2024-01-04T14:44:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=68193"},"modified":"2024-01-04T10:45:02","modified_gmt":"2024-01-04T14:45:02","slug":"gamma-strategies-attempts-to-negotiate-bounty-with-hacker","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/gamma-strategies-attempts-to-negotiate-bounty-with-hacker\/","title":{"rendered":"Gamma Strategies Attempts to Negotiate Bounty with Hacker"},"content":{"rendered":"\n

In the aftermath of a $3.4 million hack in digital assets, Gamma Strategies liquidity management protocol<\/a>, while attempting to retrieve the funds lost in the exploit, negotiates a bounty with the hacker.<\/p>\n\n\n\n

\"Gamma
Gamma Strategies Attempts to Negotiate Bounty with Hacker<\/figcaption><\/figure>\n\n\n\n

PeckShield, a blockchain security firm, identified an exploit in Gamma's repositories on January 4. Initial assessments indicated that the losses incurred a value of approximately $469,000. They amounted to 211.9 Ether.<\/p>\n\n\n\n

Subsequently, PeckShield verified that the incurred losses amounted to $3.4 million, with the perpetrator having already transferred $2.2 million to the cryptocurrency mixer Tornado Cash\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.<\/p>\n\n\n\n

\n

#PeckShieldAlert<\/use><\/svg><\/span><\/a> @GammaStrategies<\/use><\/svg><\/span><\/a> Exploiter-labeled address has transferred 1K $ETH<\/use><\/svg><\/span><\/a> (worth ~$2.2M) to #tornadocash<\/use><\/svg><\/span><\/a> pic.twitter.com\/Ins4Fa5cmX<\/use><\/svg><\/span><\/a><\/p>— PeckShieldAlert (@PeckShieldAlert) January 4, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

As a reaction to the assault, Gamma suspended vault deposits and restricted access to withdrawals only. In addition to sending a message to the wallet address of the exploiter, the protocol is attempting to initiate bounty negotiations in exchange for the return of the cryptocurrency assets.<\/p>\n\n\n\n

\"\"
Gamma attempts to negotiate a bounty with the attacker. Source: Etherscan<\/figcaption><\/figure>\n\n\n\n

The decentralized financial protocol<\/a> also declared that it had identified the attack's fundamental cause. It reassured the community that impeding deposits for its publicly accessible vaults effectively “nullifies the attack any further” because a deposit is a prerequisite for the attack vector.<\/p>\n\n\n\n

Additionally, the protocol detailed the subsequent procedures. Gamma claims the code will be subjected to a third-party evaluation before reopening deposits to ensure the attack has been mitigated. Furthermore, the organization emphasized maximizing recovery efforts for all impacted users.<\/p>\n\n\n\n

The organization expressed regret to the individuals impacted and pledged to provide a remediation strategy and a more comprehensive post-mortem examination in the following days.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the aftermath of a $3.4 million hack in digital assets, Gamma Strategies liquidity management protocol, while attempting to retrieve the funds lost in the exploit, negotiates a bounty with the hacker. PeckShield, a blockchain security firm, identified an exploit in Gamma’s repositories on January 4. Initial assessments indicated that the losses incurred a value […]<\/p>\n","protected":false},"author":12,"featured_media":68202,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476],"tags":[5817,1514,17754,2118],"class_list":["post-68193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams","tag-hack-2","tag-bounty","tag-gamma-strategies","tag-hacker"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/01\/image-27.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/68193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=68193"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/68193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/68202"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=68193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=68193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=68193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}