GAMEE, a blockchain gaming platform, experienced a security breach on its $GMEE token contracts on the Polygon network. This incident resulted in unauthorized access and a GAMEE token theft from the platform’s proprietary team token reserves.

The security breach occurred on January 22nd at 6:31 pm (UTC) when the Polygon $GMEE deployer address was compromised due to unauthorized GitLab access. As a result, 600 million $GMEE tokens were stolen and converted to ETH and MATIC. The exploit only impacted the proprietary team token reserves, leaving community-owned assets unexploited. At the time of the incident, the value of the affected tokens was approximately $15 million.

The GAMEE team immediately secured the token contract ownership and associated contracts by transferring them to a new, secure address. As part of the ongoing response, GAMEE has temporarily halted liquidity provisioning on all decentralized exchanges (DEXs) and notified centralized exchanges (CEXs) with $GMEE markets to turn off deposits and freeze tokens linked to the hack.

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…

In addition to taking necessary technical measures, GAMEE is working closely with law enforcement to initiate legal proceedings against the exploiters. The team is determined to hold the perpetrators accountable for their actions and ensure justice.

The unauthorized transactions and subsequent price volatility have impacted the GAMEE community. To support those affected, GAMEE plans to identify affected users and explore various support options during this challenging period.

Given the recent security breach, GAMEE urges caution in the current volatile market conditions. The platform advises its users to be aware of potential liquidity impacts due to measures implemented by CEXs. The team also emphasizes its commitment to maintaining trust and transparency with its community. The team promises to provide real-time updates on the situation and share a detailed update on the next steps within 48 hours.

GAMEE, backed by Animoca Brands, is a blockchain gaming platform that allows players to earn cryptocurrency rewards through engaging games. The platform’s native cryptocurrency, GMEE, is integral to various platform activities.

It’s important to note this incident did not affect any community-owned assets. The GAMEE team is taking all necessary steps to rectify the situation and ensure the safety of its users’ funds. As a precautionary measure after the GAMEE token theft, users should exercise caution in the current volatile market conditions and stay informed through official updates from GAMEE.  

The post GAMEE Token Theft: Security Breach Hits $GMEE Contracts appeared first on NFT News Today.

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