Gamma Protocol Negotiates with Hacker After $3.4M Asset Loss | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #hacker

A protocol focused on managing assets on the Ethereum network, Gamma, is in talks with the hacker who exploited its system, resulting in a $3.4 million loss of digital assets. 

The attack, initially estimated at 211.9 Ether (worth approximately $469,000), was identified by the blockchain security firm PeckShield on Jan. 4. The hacker promptly transferred $2.2 million to Tornado Cash, a crypto mixer.

In response, Gamma suspended deposits to its vaults, allowing only withdrawals, and initiated negotiations with the attacker for a potential bounty in exchange for the return of the stolen assets. 

Gamma claims to have identified the root cause of the attack, asserting that shutting down deposits for public-facing vaults nullifies further threats. To prevent future exploits, the protocol plans a third-party code review before reopening deposits, with a focus on recovering funds for affected users.

Gamma’s engagement in negotiations with the hacker, following a $3.4 million exploit, reflects a proactive approach to recovery, emphasizing a thorough assessment and security measures to prevent future vulnerabilities.

Also Read: Crypto Users Lost $2B to Hacks in 2023, De.Fi Reports


Click Here For The Original Story From This Source.

National Cyber Security