Gaming token GALA hit in $200m security incident

The native token of Gala Games ($GALA) saw a sharp decline on Monday, after a $200m transfer that project investors feared was a hack

Gala Games’ $GALA token lost a chunk of its value on Monday after a transfer of $200 million worth of $GALA in an episode that the company later described as a security incident. However, Gala Games has been able to contain the breach and said that the impacted wallet that perpetuated the transfer was “frozen,” beckoning consumers and project backers that the company was on top of the issue.

The hack involved an unknown party who was able to mint 5 billion $GALA tokens and float them on Uniswap, an exchange, trying to sell them quickly, but also driving down the price of the token. Gala Games representatives notified the community that they were aware of the issue and were on the train. Gala Games CEO b took to X, previously Twitter, and said that the issue had been detected within 45 minutes and that security measures were toughened to ensure that the unauthorized access to the $GALA contract is cut.

Yet, some have suggested that the nature of the attack pointed to an inside job, a bleak prospect at a time when another project, Cypher Core, saw its developer admit to stealing $260,000 to fund his gambling addiction.

“It's important to note our ETH contract for $GALA is secure and under the protection of a multi-sig wallet. It was never compromised,” he wrote. “It's important to note our ETH contract for $GALA is secure and under the protection of a multi-sig wallet. It was never compromised,” Schiemeyer said on an upbeat note. Yet, the damage has been done, as GALA is now trading at $0.042, about a 15% drop in its value since the attack was registered.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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