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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

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

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Gala

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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.

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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. 

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Gala
The daily chart shows GALA’s price trending downwards despite the recent rebound. Source: GALAUSD on TradingView.com

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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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Created by industry experts and meticulously reviewed
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