Gala

Today, while the overall cryptocurrency market is experiencing <a href="https://news.todayq.com/solana-soars-5-as-btc-and-eth-continue-to-struggle/">bullish momentum</a>, Gala Games, a blockchain gaming platform, suffered a significant security breach. On May 21, 2024, the on-chain analytics firm Lookonchain reported on X (previously Twitter) that hackers successfully exploited the platform and minted 5 billion $GALA tokens, valued at approximately $214 million. GALA Games suffered a security breach&nbsp; 
According to Lookonchain, the hackers not only minted $215 million in GALA tokens but also quickly sold 592 million of these tokens for 5,952 Ethereum, worth $21.8 million. In response to the incident, Gala Games blacklisted the hacker’s address, preventing further sales. 
Gala Games confirmed the breach on X, stating that 600 million GALA tokens (worth $21 million) were sold and 4.4 billion tokens were effectively burned. They secured the GALA contract within 45 minutes and assured users that the ETH contract remains secure under a multi-signature wallet. 
Acknowledging a setback in internal controls, Gala Games announced they are working with the FBI, DOJ, and international authorities to address the breach. They plan to hold a community vote on daily distribution issues, reaffirming their commitment to improvement and growth despite the setback. 
Additionally, Gala Games has contained the security incident by freezing the impacted wallet. They stated that this was an isolated event and that the cause had been addressed. The company is working closely with law enforcement to investigate those behind the breach. Gala remains committed to maintaining the highest standards of security and transparency, and they will provide updates as the investigation continues, taking all necessary steps to prevent future incidents. 
The security incident involving the 
This incident highlights the critical need for robust security measures in the blockchain industry. Gala Games is conducting an ongoing investigation to enhance its security protocols and prevent future exploits. GALA tokens performance following the incident&nbsp; 
Currently, while major cryptocurrencies like Bitcoin, Ethereum, and Solana are experiencing significant gains, the GALA token has been severely impacted by the breach. The GALA token is now trading near $0.0042 and has experienced nearly a 3% decline in the last 24 hours. During this period, the token’s price ranged from a high of $0.048 to a low of $0.038. 
Over a longer period, the GALA token has seen mixed performance. In the past 7 days, it experienced a modest 4% increase, but over the last 30 days, it has suffered a price drop of over 17%.

Gala games hacker steals $214M, dumps $21.8M in ETH

Todayq News

Other articles published on May 21, 2024

Bitcoin Retraces, Ethereum, Dogecoin Continue Their Rallies: BTC 'Needs Some Time To Rest Before ...

4 Cryptos with Big Potential

Will Cat Coins Overtake Dog Coins After CWIF Price Rally, or Could This Multi-Chain Meme Coin Reg...

Security Breach at Gala Games: Hacker Mints $214 Million Worth of GALA Tokens

Over 90K traders liquidated amid massive crypto price surge

Bitcoin Price Roars Past $71K As Bloomberg Ups Odds On SEC Approving Ethereum ETFs And This Learn...

Join our free newsletter for daily crypto updates!