Ethereum-based asset management protocol Gamma Strategies announced an investigation into an ongoing security incident that potentially drained at least 211.9 Ether ( ETH ).

On Jan. 4, blockchain investigator PeckShield detected an exploit worth roughly $469,000 linked to Gamma Strategies.

Gamma Strategies hacker moving stolen funds over the blockchain. Source: EtherScan

Soon after, the decentralized finance (DeFi) protocol confirmed a “possible security incident” while confirming that users were still able to withdraw their funds if they needed to. 

We're monitoring and reacting to a possible security incident. Please be patient while we take security precautions to assess the issue. If you needwith draw our front end is still up at https://t.co/p5JwV003JJ

— Gamma (@GammaStrategies) January 4, 2024

Gamma did not immediately respond to Cointelegraph’s request for comment. However, the company said it would reveal further details about the incident post-investigation in X (formerly Twitter) post.

Moreover, Cointelegraph also noticed a fake verified X account impersonating Gamma’s social media presence amid the confusion. The fake X account was trying to redirect the actual investors to a phishing website while urging “all users to revoke all approvals to prevent loss of funds,” as shown in the screenshot below.

A verified account impersonating Gamma Strategies for phishing attacks. Source: X 

The fake post garnered more likes and views than the original Gamma tweet warning about the security incident. Until investigations conclude, investors are advised to double-check all links and ensure that they only interact with Gamma through official channels.

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After suffering a $49 million exploit, KyberSwap announced to cut its workforce by 50% to keep the firm’s business operations up and running

In the past month, KyberSwap has faced unprecedented challenges due to the Elastic exploit. Despite this, I am grateful to say that our core business, including the Aggregator and Limit Order functions, remains robust.

Moreover, we will soon be launching our Zap API, an…

— Victor Tran (@vutran54) December 25, 2023

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