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{"actor":"system:backfill","investigation_id":"d4fd5697-b821-40f7-92ce-2919af562043","kind":"publish","page_slug":"visor-finance","published_at":"2026-05-30T13:00:35.993Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Visor Finance","sections":[{"content":"","heading":"Protocol Overview","severity":"low","sources":[{"credibility":2,"name":"How Does Visor Integrate With Uniswap V3? — Visor Finance Medium","type":"official","url":"https://visorfinance.medium.com/how-does-visor-integrate-with-uniswap-v3-f8a648d343ad"},{"credibility":2,"name":"Introducing Gamma — Visor Finance Medium","type":"official","url":"https://medium.com/visorfinance/introducing-gamma-an-organization-dedicated-to-funding-active-lp-strategies-and-research-bb6617168566"},{"credibility":2,"name":"Visor Finance — ETHGlobal Prize Page","type":"other","url":"https://ethglobal.com/events/unicode/prizes/visor-finance"}]},{"content":"","heading":"Incident 1 — June 2021 Admin Key Compromise ($500K)","severity":"high","sources":[{"credibility":2,"name":"Visor Beta Incident Report — Visor Finance Medium (original post, now 410 Gone; cited via Yahoo Finance archive)","type":"news_article","url":"https://finance.yahoo.com/news/visor-finance-releases-500-000-051936013.html"},{"credibility":2,"name":"Visor Finance Releases $500,000 DeFi Heist Post Mortem Report — CryptoNewsBTC","type":"news_article","url":"https://cryptonewsbtc.org/2021/06/21/visor-finance-releases-500000-defi-heist-post-mortem-report/"},{"credibility":2,"name":"Visor Finance — Rekt News","type":"news_article","url":"https://rekt.news/visor-finance-rekt"}]},{"content":"","heading":"Incident 2 — November 2021 Price Manipulation Attack (alleged $773K)","severity":"high","sources":[{"credibility":2,"name":"Nov 2021 — Visor Finance Arbitrage Attack — Quadriga Initiative Case Study","type":"research","url":"https://quadrigainitiative.com/casestudy/visorfinancearbitrageattack.php"},{"credibility":2,"name":"Safeguarding Uniswap v3 Positions Against Arbitrage — Visor Finance Medium","type":"official","url":"https://medium.com/visorfinance/safeguarding-uniswap-v3-positions-against-arbitrage-274d9b5bbe3c"},{"credibility":2,"name":"$8.2M Lost as Visor Finance Suffers Latest DeFi Hack — Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/8-2m-lost-visor-finance-suffers-latest-defi-hack/"}]},{"content":"","heading":"Incident 3 — December 2021 Reentrancy Exploit ($8.2M) — Critical","severity":"critical","sources":[{"credibility":2,"name":"Visor Finance — Rekt News","type":"news_article","url":"https://rekt.news/visor-finance-rekt"},{"credibility":2,"name":"Two Vulnerabilities in One Function — BEOSIN Analysis (Medium)","type":"research","url":"https://beosin.medium.com/two-vulnerabilities-in-one-function-the-analysis-of-visor-finance-exploit-a15735e2492"},{"credibility":2,"name":"$8.2M Lost as Visor Finance Suffers Latest DeFi Hack — Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/8-2m-lost-visor-finance-suffers-latest-defi-hack/"},{"credibility":2,"name":"Visor Finance Hacked For $8M in Latest DeFi Exploit — BeInCrypto","type":"news_article","url":"https://beincrypto.com/visor-finance-hacked-for-8m-in-latest-defi-exploit/"},{"credibility":2,"name":"Visor Finance is Hacked for About $8.2 Million — Web3 Is Going Great","type":"news_article","url":"https://www.web3isgoinggreat.com/?id=2021-12-21-2"},{"credibility":2,"name":"Visor Finance — CertiK Security Leaderboard","type":"research","url":"https://www.certik.com/projects/visorfinance"}]},{"content":"","heading":"Audit History and Security Posture","severity":"high","sources":[{"credibility":2,"name":"Hypervisor Audit Report — Visor Finance Medium","type":"research","url":"https://medium.com/visorfinance/hypervisor-audit-report-b5b3619c12da"},{"credibility":2,"name":"Visor Finance Findings and Analysis Report — Code4rena","type":"research","url":"https://code4rena.com/reports/2021-05-visorfinance"},{"credibility":2,"name":"Visor Finance — CertiK Skynet Project Insight","type":"research","url":"https://skynet.certik.com/projects/visorfinance"},{"credibility":2,"name":"$8.2M Lost as Visor Finance Suffers Latest DeFi Hack — Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/8-2m-lost-visor-finance-suffers-latest-defi-hack/"}]},{"content":"","heading":"Rebrand to Gamma Strategies (January 2022)","severity":"medium","sources":[{"credibility":2,"name":"Visor Merges with Gamma — Gamma Strategies Medium","type":"official","url":"https://medium.com/gamma-strategies/visor-merges-with-gamma-a-re-org-focusing-on-security-and-performance-b4deaf67e273"},{"credibility":2,"name":"Visor Finance to Merge with Gamma Strategies — Aliens.com","type":"news_article","url":"https://aliens.com/read/visor-finance-to-merge-with-gamma-strategies"},{"credibility":2,"name":"Gamma Strategies — Rekt News (covers post-rebrand 2023 incident)","type":"news_article","url":"https://rekt.news/gamma-strategies-rekt"},{"credibility":2,"name":"Conversations with the Coop — Gamma Strategies (formerly Visor Finance)","type":"other","url":"https://indexcoop.substack.com/p/conversations-with-the-coop-core"}]}],"sources_used":[{"credibility":2,"name":"Visor Finance — Rekt News","type":"news_article","url":"https://rekt.news/visor-finance-rekt"},{"credibility":2,"name":"Two Vulnerabilities in One Function — BEOSIN Analysis (Medium)","type":"research","url":"https://beosin.medium.com/two-vulnerabilities-in-one-function-the-analysis-of-visor-finance-exploit-a15735e2492"},{"credibility":2,"name":"$8.2M Lost as Visor Finance Suffers Latest DeFi Hack — Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/8-2m-lost-visor-finance-suffers-latest-defi-hack/"},{"credibility":2,"name":"Visor Finance Hacked For $8M in Latest DeFi Exploit — BeInCrypto","type":"news_article","url":"https://beincrypto.com/visor-finance-hacked-for-8m-in-latest-defi-exploit/"},{"credibility":2,"name":"Visor Finance is Hacked for About $8.2 Million — Web3 Is Going Great","type":"news_article","url":"https://www.web3isgoinggreat.com/?id=2021-12-21-2"},{"credibility":2,"name":"Visor Merges with Gamma — Gamma Strategies Medium","type":"official","url":"https://medium.com/gamma-strategies/visor-merges-with-gamma-a-re-org-focusing-on-security-and-performance-b4deaf67e273"},{"credibility":2,"name":"Nov 2021 Visor Finance Arbitrage Attack — Quadriga Initiative","type":"research","url":"https://quadrigainitiative.com/casestudy/visorfinancearbitrageattack.php"},{"credibility":2,"name":"Visor Finance Releases $500,000 DeFi Heist Post Mortem — CryptoNewsBTC","type":"news_article","url":"https://cryptonewsbtc.org/2021/06/21/visor-finance-releases-500000-defi-heist-post-mortem-report/"},{"credibility":2,"name":"Visor Finance CertiK Skynet Project Insight","type":"research","url":"https://skynet.certik.com/projects/visorfinance"},{"credibility":2,"name":"Visor Finance Findings and Analysis Report — Code4rena","type":"research","url":"https://code4rena.com/reports/2021-05-visorfinance"},{"credibility":2,"name":"Hypervisor Audit Report — Visor Finance Medium","type":"research","url":"https://medium.com/visorfinance/hypervisor-audit-report-b5b3619c12da"},{"credibility":2,"name":"Gamma Strategies — Rekt News","type":"news_article","url":"https://rekt.news/gamma-strategies-rekt"},{"credibility":2,"name":"Introducing Gamma — Visor Finance Medium","type":"official","url":"https://medium.com/visorfinance/introducing-gamma-an-organization-dedicated-to-funding-active-lp-strategies-and-research-bb6617168566"},{"credibility":2,"name":"Liquidity Management Protocol Visor Gets Hacked, Price Plummets 95% — CryptoPotato","type":"news_article","url":"https://cryptopotato.com/liquidity-management-protocol-visor-gets-hacked-price-plummets-95/"}],"summary":"Visor Finance was an Ethereum-based DeFi protocol offering active liquidity management for Uniswap v3 concentrated liquidity positions via smart-contract vaults called Hypervisors. The protocol suffered three separate security incidents in 2021 — an admin-key compromise in June ($500K), a price-manipulation attack in November (alleged $773K), and a critical reentrancy exploit in December that drained approximately $8.2M in VISR tokens from the vVISR staking contract. Following the December exploit, Visor merged with co-funded research arm Gamma Strategies in January 2022 and rebranded entirely, migrating token holders to the GAMMA token.","timeline":[{"date":"2021-05-01","event":"Visor Finance launches active liquidity management beta on Uniswap v3.","source":"Visor Finance Medium","source_url":"https://medium.com/visorfinance/visors-active-liquidity-management-beta-launch-on-uniswap-v3-fbe5a5dce3c9"},{"date":"2021-05-01","event":"Visor Finance funds the creation of Gamma, an active LP research organization, with an initial $500,000.","source":"Visor Finance Medium","source_url":"https://medium.com/visorfinance/introducing-gamma-an-organization-dedicated-to-funding-active-lp-strategies-and-research-bb6617168566"},{"date":"2021-05-01","event":"Code4rena community audit contest for Visor Finance contracts completes.","source":"Code4rena","source_url":"https://code4rena.com/reports/2021-05-visorfinance"},{"date":"2021-06-19","event":"Admin key compromise results in $500K stolen from unpositioned Hypervisor deposits. Visor covers losses from treasury.","source":"Yahoo Finance / Visor Finance post-mortem","source_url":"https://finance.yahoo.com/news/visor-finance-releases-500-000-051936013.html"},{"date":"2021-07-12","event":"CertiK delivers Hypervisor audit report; no critical or major findings reported across 10 total findings.","source":"CertiK Security Leaderboard","source_url":"https://www.certik.com/projects/visorfinance"},{"date":"2021-11-25","event":"Price manipulation attack against OHM-ETH Hypervisor using Uniswap v3 spot price dependency. Visor characterizes it as arbitrage; independent estimates put losses at $773K. Treasury covers losses.","source":"Quadriga Initiative","source_url":"https://quadrigainitiative.com/casestudy/visorfinancearbitrageattack.php"},{"date":"2021-12-21","event":"Critical reentrancy exploit drains vVISR staking contract (RewardsHypervisor) of 8,812,958 VISR (~$8.2M). Attacker uses double-enter on deposit() to mint 195M vVISR certificates then redeems for underlying VISR. Funds laundered via Tornado Cash. VISR token price collapses over 97%.","source":"Rekt News / BEOSIN Analysis","source_url":"https://rekt.news/visor-finance-rekt"},{"date":"2021-12-23","event":"Visor Finance announces merger with Gamma Strategies, token migration to GAMMA using pre-exploit snapshot, and post-rebrand security commitments including Quantstamp and ConsenSys Diligence audits.","source":"Gamma Strategies Medium","source_url":"https://medium.com/gamma-strategies/visor-merges-with-gamma-a-re-org-focusing-on-security-and-performance-b4deaf67e273"},{"date":"2022-01-01","event":"Visor Finance fully merges into Gamma Strategies. GAMMA token distributed to all VISR/vVISR/tVISR holders. Visor web properties transferred to Gamma brand.","source":"Gamma Strategies Medium","source_url":"https://medium.com/gamma-strategies/visor-merges-with-gamma-a-re-org-focusing-on-security-and-research-bb6617168566"}]},"v":1}