Unauthorized Transactions Lead to $7 Million Loss on Polygon Network
A series of unauthorized transactions on the Polygon network have resulted in a loss of approximately $7 million. The breach has affected the $GMEE token, which has experienced a significant decline in value since the incident was discovered.
Compromise of $GMEE Deployer Address
The breach appears to be the result of a compromise of the $GMEE deployer address. It is suspected that unauthorized access to GitLab allowed the attackers to steal 600 million $GMEE tokens.
Conversion and Laundering of Stolen Tokens
The stolen tokens were quickly converted into $MATIC, with some funds being transferred to the Ethereum blockchain. The investigation reveals interactions between the Ethereum address involved in the incident and WhiteBit, suggesting an attempt to launder the stolen funds through established crypto-financial channels.
Impact on Gaming Tokens and Increased Security Breaches
This breach adds more challenges to an already struggling gaming token sector, which has been impacted by Bitcoin’s recent decline. Furthermore, there has been a surge in security breaches this week, including a breach on the Arbitrum network that cost nearly $1.8 million.
Hot Take: Security Breaches Continue to Plague Crypto Sector
As security breaches continue to occur within the crypto sector, it is crucial for projects and platforms to prioritize access control and implement robust security measures. The recent incidents highlight the need for constant vigilance and proactive measures to protect user funds and maintain trust within the industry.
By
By
By
By
By
By