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Gamma Strategies, an Ethereum-based asset management protocol, is currently grappling with a security breach that has led to a potential loss of 211.9 ETH. On Jan. 4, blockchain analysis firm PeckShield identified an exploit estimated to be worth about $469,000 in an attack against Gamma Strategies. Shortly after the decentralized finance (DeFi) protocol, Gamma, acknowledged a “potential security issue” while reassuring users that they were still able to withdraw their funds as necessary. 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 Two hours later, in a subsequent post on X, the company stated it would provide additional details regarding the incident once its investigation was complete. Meanwhile, amidst the ongoing confusion, a fraudulent X acco...

U.S. officials will seize money from victims of bankrupt crypto firm FTX Trading Ltd. unless a judge rejects the government’s demand for $24 billion in unpaid taxes. The Internal Revenue Service (IRS) must substantiate its claim against FTX and show how it assessed the taxes it owes, FTX lawyers said in a new filing. The move is the latest in a months-long dispute between the IRS and FTX’s bankrupt cy estate over how much the failed exchange and its affiliates owe the government in unpaid taxes. While FTX claims it owes nothing to the IRS, the agency wants as much as $24 billion, more than three times the amount the estate currently has, to try to repay creditors. You might also like: FTX unveils revised reorganization plan, sets mid-December court submission “This Alice in Wonderland argument has no support in the law.” FTX filing The IRS initially said FTX owed even more money, filing initial claim s in April for about $44 billion. In September, that amoun...