Another $214 million hack of the Gala Games platform

Gala Games, a web3 and blockchain games project (GameFi), suffered a major security breach the day before yesterday. A hacker exploited one of the platform's smart contracts, allowing him to illegally loot 5 billion GALA tokens, worth approximately $214 million.

$214 Million Looted From Popular Web 3 Gaming Platform, Gala

Gala Games, web 3 video game studio known for its Play to winAnother major breakthrough. Unfortunately, this is not the first time that the studio has been the victim of such an attack, and it raises questions about the security of its platforms and its GALA token.

After exploiting the smart contract and looting 5 billion GALA tokens, the hacker quickly sold 592 million tokens for 5,952 ETH, or approximately $21.8 million. The development team quickly reacted to limit the damage and blacklisted the hacker's address, preventing him from selling any further GALA tokens.

In an official statement, the team highlighted its efforts and commitment to security and transparency. They assured users that they are currently working with authorities to find those responsible. Penetration. They also indicated that this was an "isolated incident whose cause has been determined" and that all necessary measures would be taken to prevent similar incidents from occurring in the future.

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Eric Schirmeier, CEO of Jala Games, also expressed regret over the incident, but confirmed that the vulnerability was identified and fixed in less than 45 minutes. He emphasized that the GALA smart contract on Ethereum remains secure and protected by a multi-signature wallet.

"We failed our internal controls. This should not have happened, and we are taking steps to ensure it does not happen again. We believe we have identified the culprit and are currently working with the FBI, the Department of Justice and a network of international authorities. The question of the daily distribution of tokens is also at stake. “We will take a vote to determine how to move forward and, as always, the community will decide.”

However, according to the latest information, the hacker has returned the amount he stole, which was around 6,000 Ethereum (ETH). The transaction can be viewed directly on Etherscan.

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GALA price collapses after breakout, then recovers after recovery

Following the hack, he refused GALA Prize From $0.048 to $0.037, a decrease of 22%. Currently, its price has recovered a lot and is hovering around $0.044.

In response to this hack, DWF Labs alleviated selling pressure on the market by purchasing approximately 28 million GALA tokens on the open market (the equivalent of approximately $1 million).

Despite efforts to reduce fraud, some suspicious activity persists within the GALA community. Fraudsters exploit these vulnerabilities by pretending to be Jala representatives and posting malicious links under the pretext of migrating to a new version of the contract. Therefore, we advise you to be extremely careful and avoid clicking on any Suspicious links!