Summary
Gamma Strategies is a DeFi active liquidity management (ALM) protocol built on Uniswap v3 and other concentrated-liquidity DEXs, formerly known as Visor Finance. The protocol suffered a significant flash loan exploit on January 4, 2024, resulting in losses of approximately $6.18 million across four vaults on Arbitrum; the attacker laundered the majority of stolen funds through Tornado Cash. This was not the protocol's first security incident: its predecessor Visor Finance lost approximately $8.2 million to an infinite mint vulnerability in December 2021, leading to a rebrand.
Connected Entities
2 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·33
Timeline(9 events)
2021-12-01
Visor Finance (predecessor to Gamma Strategies) suffers approximately $8.2 million loss due to an infinite mint (access control) vulnerability.
2021-12-03
Visor Finance announces rebrand to Gamma Strategies with a new token and reported team overhaul following the exploit.
2024-01-04
Gamma Strategies exploited via flash loan and price manipulation attack on Arbitrum vaults beginning at approximately 03:30 UTC. Total losses reach approximately $6.18 million across four vaults. PeckShield first alerts on social media.
2024-01-04
Gamma Strategies acknowledges the exploit approximately 90 minutes after it began and pauses all vault deposits across the protocol.
2024-01-04
Attacker bridges stolen USDT from Arbitrum to Ethereum via Stargate bridge and deposits approximately 1,000 ETH into Tornado Cash.
2024-01-04
At 10:54 AM UTC, Gamma Strategies sends on-chain message to attacker's wallet (0x5351536145610aa448a8bf85ba97c71caf31909c) offering bug bounty negotiations. No substantive response is received.
2024-01-05
Gamma Strategies publishes preliminary investigation disclosing root cause: a configuration error in automation scripts set price change thresholds to -50%/+100% instead of the intended 2%.
2024-01-09
Gamma Strategies announces engagement of OpenZeppelin for a third-party smart contract security audit. Deposits remain paused pending audit results, with a 1–3 week estimated timeline.
2024-01-10
Gamma Strategies publishes post-mortem and remediation plan, establishing the Recovery Pool funded by at least 45% of protocol revenues, with affected users listed in a public spreadsheet.
Decision Log
- hash: tq6rHtKjRuTo6xbLiWiSDYStNAtxfPeQ7ZEgusG5PMr
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:52 AM
last updated: 5/28/2026, 5:38:06 PM
avoid.net — verified advice for a post-truth world