Social Gaming Platform Gamee’s Token Exploited, Resulting in Loss of 600 Million GMEE Tokens
Social gaming platform Gamee experienced an exploit on Monday evening, resulting in the theft of 600 million GMEE tokens. The alleged perpetrator liquidated these tokens for Ethereum and other cryptocurrencies. The exploit targeted the GMEE token’s contracts, but user wallets and accounts were not affected. The team has since secured the contracts and moved ownership to a new address to eliminate any further risks.
GMEE Token Price Plummeted Following the Exploit
The exploit caused a significant drop in the price of GMEE tokens. The price fell from around $0.025 to below $0.01, experiencing a decline of over 60% within minutes. However, the token has since recovered slightly and is now down 45% in the last day, according to CoinGecko data.
Gamee Token Team Takes Action
In response to the exploit, the Gamee token team has taken several measures. They have halted decentralized exchange liquidity provisions for the token, informed centralized exchanges about the incident, initiated a full security review, and are cooperating with law enforcement. They are also working on identifying affected users and providing support to their community during this challenging time.
Acquisition by Animoca Brands
Animoca Brands acquired the Gamee platform in 2020 for approximately $4.3 million. The platform includes over 80 casual browser-based and mobile games. However, Animoca Brands has not yet responded to requests for comment regarding this recent exploit.
Hot Take: Gamee Token Exploited in Major Security Breach
Social gaming platform Gamee faced a significant setback when its GMEE token was exploited, resulting in the loss of 600 million tokens. The exploit caused a sharp decline in the token’s price, prompting the team to take immediate action. While the token has partially recovered, the incident highlights the vulnerability of cryptocurrencies and the need for robust security measures. Gamee’s response, including securing contracts and cooperating with law enforcement, demonstrates their commitment to addressing the issue and protecting their community. This incident serves as a reminder for crypto enthusiasts to remain vigilant and prioritize security in an increasingly digital landscape.
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