Social gaming platform Gamee’s token suffered an exploit late Monday evening, with the alleged perpetrator taking 600 million GMEE tokens that were subsequently liquidated for Ethereum and other cryptocurrencies, the token’s reps shared.

The GMEE token’s contracts—not user wallets or accounts—were exploited but have since been “secured,” according to the team, which stated that a compromised deployer address is no longer a risk because the team moved ownership to a new address.

The exploit and ensuing selloff cause GMEE’s price to fall off a cliff, nosediving from roughly $0.025 to sub-$0.01 levels, per CoinGecko data. It dumped more than 60% in a matter of minutes, and plunged further soon after. But at this point, the token has recovered some ground, now down 45% in the last day.

In the wake of the exploit, the Gamee token team has reportedly stopped decentralized exchange liquidity provisions for the token, notified centralized exchanges of the exploit, is working on a “full security review,” and is in touch with law enforcement on next steps, according to a post.

“We will begin a process of identifying impacted users and explore how we can support our loyal community through this challenging period,” the team added.

Image: iCandy

'Snaky Cat' Game Launches With TOWER Token Rewards on Coinbase's Base

Mobile game developer iCandy Interactive announced Tuesday it has partnered with blockchain gaming company Animoca Brands to launch a new game called Snaky Cat on Base, the layer-2 Ethereum scaling network built by U.S. crypto exchange Coinbase. Inspired by classic Snake games, Snaky Cat is a multiplayer game where players control snake-like cats that grow longer by eating food drops. Players can compete to become the longest cat and move up the leaderboard to win crypto rewards in TOWER tokens....

NewsGaming
2 min read
Andrew Hayward

Animoca Brands previously acquired the Gamee platform—which consists of over 80 casual browser-based and mobile games—back in 2020 for roughly $4.3 million.

Animoca Brands did not immediately respond to Decrypt’s request for comment.

Edited by Andrew Hayward

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