Gala Games Recovers $23M Stolen By Hacker, Plans Token Buyback Program

Name	Symbol	Market	Market Cap ($)	Algorithm
Gala	GALAUSD	Crypto	834,222,271	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Gala

GALAUSD

Crypto

834,222,271

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0013	-5.86%	0.0209	0.0207	0.0208

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0013

-5.86%

0.0209

0.0207

0.0208

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.0226	0.0207	0.0222	0.0222	0.00000000 - 5.29

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.0226

0.0207

0.0222

0.00000000 - 5.29

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	21:51:00	526.32	0.0209	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

21:51:00

526.32

0.0209

USD

Price x Volume	Volume	Base Symbol	Related Pairs
65,996.81	2,985,100.12	GALA	GALAEUR	GALAGBP	GALABTC

Price x Volume

Volume

Base Symbol

Related Pairs

65,996.81

2,985,100.12

Gala Games Recovers $23M Stolen By Hacker, Plans Token Buyback Program

22/05/2024 12:00am

NEWSBTC

In a recent security incident, Gala Games, a Web3 gaming company, fell victim to an exploit that led to the unauthorized minting of 5 billion tokens, equivalent to approximately $214 million. The hacker behind the breach subsequently sold 592 million GALA tokens, amounting to $21.8 million in value, as blockchain analysis firm Lookonchain confirmed. CEO Of Gala Games Takes Responsibility For Breach Gala Games responded to the breach, assuring the community via social media platform X (formerly Twitter) that the security incident involving the GALA token had been contained and that the affected wallet had been frozen. The company acknowledged the isolated nature of the incident and stated that it had addressed the cause while collaborating closely with law enforcement agencies to investigate the individuals responsible for the breach. Related Reading: Crypto Market Liquidations Top $330 Million In 24 Hours With Ethereum In The Lead Eric Schiermeyer, CEO of Gala Games, expressed his regret over the incident, referencing his previous stance on projects experiencing hacks. Schiermeyer disclosed that the breach led to the unauthorized sale of 600 million GALA tokens, equivalent to $21 million, and the subsequent burning of 4.4 billion tokens. Within 45 minutes, Gala Games identified the compromise and effectively secured and removed unauthorized access to the GALA contract. Reassuring stakeholders, Schiermeyer emphasized that the Ethereum (ETH) contract for GALA remained secure and protected by a multi-signature (multi-sig) wallet, with no compromise detected. Acknowledging internal control shortcomings, Schiermeyer also admitted responsibility for the incident and outlined the steps being taken to prevent its recurrence. Gala Games expressed confidence in identifying the culprit behind the breach. They confirmed active collaboration with the Federal Bureau of Investigation (FBI), the Department of Justice (DOJ), and a network of international authorities to ensure appropriate legal actions are pursued. The incident raised concerns regarding the project’s daily distribution, prompting Gala Games to propose a node vote to address the issue. As per their community-driven approach, the decision on how to proceed will be determined by the community itself. DFW Labs Support In response to the incident, DFW Labs, a Web3 investor and market maker, took action to alleviate selling pressure in the market. They purchased 28 million GALA tokens from the open market to stabilize the value of the token, which had fallen to $0.037 on Monday following the exploit. However, with the investment from DFW Labs, the token rebounded to its current trading price of $0.0431, representing a loss of 7.8% in the last 24 hours. Related Reading: Why Is The Ethereum Price Up 20% Today? Ultimately, Gala Games assured the public that the issue had been contained, with all contracts being secured and increased safeguards being implemented to prevent future occurrences. Featured image from Shutterstock, chart from TradingView.com

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