Ethereum-based asset management protocol Gamma Strategies announced an investigation into an ongoing security incident that potentially drained at least 211.9 Ether ETH $2,224

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

Soon after, the decentralized finance (DeFi) protocol confirmed a “possible security incident” but assured users they could still withdraw their funds if needed. Gamma did not immediately respond to Cointelegraph’s request for comment. However, in a post on X (formerly Twitter), the company said it would reveal further details about the incident after completing its investigation.

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 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.

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 they only interact with Gamma through official channels.

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