Gala Games Security Breach: Hacker Minted $214 Million Worth of GALA Tokens
Tuesday, 21 May 2024, 04:14
Security Breach at Gala Games: Hacker Mints $214 Million Worth of GALA Tokens
Gala Games faced a security breach on May 20, with a hacker minting 5 billion GALA tokens worth $214 million. This exploit led to the immediate sale of a substantial portion of the tokens, prompting swift action from the Gala Games team to safeguard user assets and enhance platform security.
Gala Games Exploit: Key Details and Community Response
- The Hacker's Actions: The hacker sold 592 million GALA tokens for 5,952 ETH, equivalent to $21.8 million, after exploiting the smart contract.
- Team Response: Gala Games team blacklisted the hacker's address and collaborated with law enforcement to address the incident.
- CEO's Statement: Eric Schiermeyer expressed regret over the breach, highlighting internal control improvements and ongoing investigations with authorities.
- Risks and Recovery: The exploit led to a price drop in GALA token, though it has partially recovered, but scammers continue to exploit the situation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.