Decentralized Finance (DeFi) Protocol GMBL Computer Exploited by Hacker
A recently launched DeFi gambling yield protocol called GMBL Computer fell victim to an exploitation by a hacker. However, there is some positive news as the identity of the hacker has been discovered, the protocol team has requested the return of the funds, and there have been partial successes in recovering them.
The Latest DeFi Exploit
On September 6, GMBL Computer, which is based on Arbitrum, revealed that the attacker successfully spoofed a call and obtained a signature from the server. This signature was then used to withdraw nearly 500 ETH worth of GMBL from the contract, equivalent to approximately $800,000 at current prices.
The protocol team clarified that the vulnerability was not within the contract itself, but rather off-chain.
The protocol team also mentioned that the hacker’s identity has been fully revealed and they are now taking steps to recover the funds. In an effort to avoid legal action, they have even offered a bug bounty if the funds are returned.
Fund Recovery in Progress
Shortly after, GMBL Computer reached out to the hacker, urging them to act as a white hat and return 90% of the stolen funds to the Arbitrum wallet, with the remaining 10% being offered as a bounty. They warned that if the funds are not returned by a specific deadline, legal action will be pursued.
This development sparked various reactions, with some questioning the need for a message requesting the return of funds if the hacker’s identity was already known. Additionally, there were suspicions of an inside job and concerns about the legality of the platform taking legal action.
Later on, GMBL Computer announced that they had managed to recover half of the stolen funds to their multisig wallet. However, accusations of a rug pull, a deceptive tactic in the crypto world, continued to circulate.
Hot Take: Lessons Learned from GMBL Computer’s Exploitation
The incident involving GMBL Computer serves as a reminder of the risks associated with new DeFi protocols. It highlights the importance of thorough security measures, both on-chain and off-chain, to prevent unauthorized access and mitigate potential exploits. Additionally, it emphasizes the significance of community support in identifying and apprehending malicious actors in the crypto space.
By
By
By
By
By