GMEE token suffers $15 million exploit

Following a series of unauthorized transactions of GMEE token contracts on Polygon, blockchain game developer Gamee, which is owned by Animoca Brands, has revealed on X that the exploit amounted to 600 million GMEE tokens, which was worth around $15 million at the time of the theft. The team also assures that the incident did not affect any community-owned assets, but was restricted to team token reserves.

Initially, Gamee alerted its followers on X of a security breach and advised everyone to refrain from further GMEE transactions. Around five hours later, the company posted a more in-depth report of the incident, saying early findings point to a flaw in access control, which was followed by a series of unauthoraized conversions of GMEE to ETH and MATIC on various exchanges. These subsequently led to the GMEE token falling by over 50% over the span of 24 hours.

While currently undertaking a full security review and legal proceedings, Gamee has temporarily cancelled liquidity provisioning on all decentralized exchanges in addition to disabling GMEE deposits on centralized exchanges.