In an effort to recoup the money lost in the exploit, Gamma Strategies, an Ethereum-based liquidity management protocol, has issued a message requesting to discuss a bounty with the attacker who took $3.4 million in digital assets.
An exploit found in Gamma’s vaults was discovered on January 4 by blockchain security company PeckShield.Based on preliminary approximations, the losses were estimated to have been about 211.9 Ether, or roughly $469,000.The exploiter had already moved $2.2 million to the cryptocurrency mixer Tornado Cash, according to PeckShield, who later confirmed that the losses had totaled $3.4 million.
Gamma restricted access to its vault deposits and only permitted withdrawals in reaction to the attack.Additionally, the protocol has sent a message to the wallet address of the exploiter in an attempt to initiate talks about a bounty for returning the cryptocurrency assets.
Additionally, the decentralized finance protocol declared that it had already discovered the attack’s primary cause.As a deposit is necessary for the attack vector, it reassured the community that closing deposits for its vaults that are visible to the public already “nullifies the attack any further.”
The protocol also described the next measures that needed to be taken.Gamma claims that before resuming deposits, a third-party code review will be conducted to make sure the attack has been neutralized.Additionally, the business emphasized that it will optimize recovery for each and every impacted user.The company expressed regret to individuals impacted and pledged to provide a more thorough post-mortem examination along with a suggested corrective action plan in the upcoming days.