Gala Games faces a security breach as an attacker mints $200 million GALA tokens, prompting swift action and community speculation.
The blockchain gaming platform has seen a dramatic turn of events following a recent security incident. Here's a breakdown:
Attacker mints $200 million worth of GALA tokens: On May 20th, an unauthorized party managed to create a massive amount of GALA tokens, inflating the total supply.
Quick response freezes stolen funds: Gala Games reacted swiftly, utilizing their "GalaChain's blocklist protocol" to freeze a large portion (4.4 billion) of the minted tokens within 45 minutes.
Partial return of stolen funds: The attacker unexpectedly returned roughly $23 million worth of Ethereum (ETH) on May 21st, close to the value of GALA tokens they were able to sell.
Community questions and speculation: While Gala claims the attacker's identity is known, details and the exploit method remain unclear. Some community members suggest it might have been an internal security contractor mistake.
Future of recovered funds and frozen tokens: Gala's CEO proposes using the returned ETH to buy back and burn the equivalent amount of GALA tokens. Additionally, a governance vote is underway to determine the fate of the frozen 4.4 billion GALA (potentially burning them as well).
External support and token price: DWF Labs, a crypto investment firm, stepped in to purchase 28 million GALA tokens in the open market, aiming to stabilize the token's value. Despite the incident, GALA price has shown a slight increase over the past 24 hours and the last week.
Gala Games averted a major financial blow by recovering stolen funds and taking swift action. However, the incident raises concerns about internal security and the need for transparency. The community awaits further details and a clear path forward for the frozen tokens.
Disclaimer: This information is for informational purposes only and should not be considered financial advice. Always conduct your research before making any investment decisions.
Source: Mitrade
Comentários