Gamma Strategies
Summary
Gamma Strategies is a non-custodial, automated concentrated liquidity management protocol operating across multiple EVM chains, allowing users to deposit assets into managed vaults (Hypervisors) that actively rebalance Uniswap V3 and similar DEX positions. On January 4, 2024, the protocol suffered a price manipulation exploit across four vaults resulting in approximately $3.4–6.2 million in losses, caused by misconfigured price change thresholds in deposit proxy settings. The protocol paused deposits, engaged OpenZeppelin for a remediation audit, and committed to a long-term user compensation plan funded by protocol revenue, though full recovery of lost funds was not guaranteed at launch of that plan.
Connected Entities
1 entities · 10 linked investigationsConnected Through
1 shared actor · 1 investigationDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Gamma Strategiesorganizationalso inGamma Strategies·28
Timeline(11 events)
2021-05-01
Visor Finance announces the Gamma organization, funding it with $500,000 to research Active Liquidity Provider strategies.
Visor Finance Medium2021-06-01
Visor Finance suffers first exploit: approximately $500,000 lost via a privileged function call. Team publicly characterized it as 'not a rug.'
REKT News2021-11-01
Visor Finance suffers second incident. Team characterizes it as economic arbitrage rather than an exploit.
REKT News2021-12-01
Visor Finance loses approximately $8.2 million in an infinite mint vulnerability. Two days later, rebrand to Gamma Strategies is announced.
REKT News2022-01-01
Visor Finance and Gamma Strategies formally merge, consolidating protocol, treasury, and personnel under the Gamma Strategies brand.
Gamma Strategies Medium2024-01-04
Exploit initiated at approximately 03:30 UTC. Attacker uses flash loans from Uniswap V3 and Balancer to manipulate prices across four Gamma vaults on Arbitrum. Approximately $3.4–6.2 million is drained.
Gamma Strategies Post-Mortem (Medium) / REKT News2024-01-04
PeckShield publicly alerts the community to the exploit at approximately 03:42 UTC. Gamma Strategies acknowledges the incident and suspends all vault deposits.
The Block2024-01-04
Gamma Strategies sends on-chain negotiation message to attacker address at 10:54 AM UTC, proposing a bug bounty for return of funds.
Gamma Strategies Post-Mortem (Medium)2024-01-04
Attacker deposits approximately 1,000 ETH (~$2.2M) into Tornado Cash, indicating no intention to return funds.
REKT News2024-01-08
OpenZeppelin audit engagement expected to begin for deposit proxy configuration review. Gamma commits to 1–3 week deposit reopening timeline post-audit.
Gamma Strategies Post-Mortem (Medium) / CoinLive2024-05-01
Sherlock audit contest for Gamma staking contracts begins, indicating continued security review post-exploit.
GitHub — sherlock-audit/2024-05-gamma-stakingDecision Log
- hash: 9KZhVYGRPwBk6NYgk5BoBfmtudA2J4ZE58XaGrEX79Tt
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 6/1/2026, 5:47:51 PM
last updated: 6/1/2026, 5:47:56 PM
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