As a long-term crypto investor, I’ve seen my fair share of hacks and security breaches in the blockchain space. Each incident brings a unique set of challenges, but the response from the team at Gala Games has been commendable.
A security breach at Web3 gaming firm Gala Games resulted in the unauthorized production of around 5 billion tokens, worth roughly $214 million.
A hacker who was responsible for the security incident managed to offload 592 million GALA tokens, equivalent to a value of approximately $21.8 million, according to the findings of blockchain investigation firm Lookonchain.
CEO Of Gala Games Takes Responsibility For Breach
As a concerned crypto investor, I’d like to share some reassuring news from Gala Games regarding a recent security incident involving their GALA token. They took swift action and addressed the community through social media platform X (previously known as Twitter), where they reported that the breach had been identified and contained. Furthermore, they froze the affected wallet to prevent any further loss or damage.
The company recognized that the incident was an isolated occurrence and took steps to resolve the underlying issue, all the while working in tandem with law enforcement to identify those behind the data breach.
Eric Schiermeyer, the CEO of Gala Games, voiced his disappointment regarding the recent incident, drawing attention to his past position against hacked projects.
Schiermeyer revealed that a security breach resulted in the illicit sale of approximately $21 million worth of 600 million GALA tokens, followed by the destruction of an additional 4.4 billion tokens. Within a mere 45 minutes, Gala Games detected and addressed the intrusion, successfully terminating unauthorized access to the GALA contract.
To put the minds of concerned parties at ease, Schiermeyer highlighted that the Ethereum (ETH) contract for GALA was safeguarded through a multi-signature (multi-sig) wallet, and there had been no signs of breach or intrusion reported thus far.
Admitting to internal control flaws, Schiermeyer took accountability for the occurrence and detailed the measures being implemented to prevent such incidents in the future.
Gala Games is certain they will find the person responsible for the security incident. They have teamed up with the FBI, DOJ, and other international law enforcement agencies to take necessary legal steps.
As a researcher looking into this matter, I’ve noticed that an incident has brought up questions about the daily distribution process in Gala Games. In response, they have suggested holding a node vote to tackle this issue. According to their commitment to a community-driven approach, the course of action will be decided collectively by the community itself.
DFW Labs Support
In reaction to the recent incident, DFW Labs, a notable investor and market maker in the Web3 sector, intervened to ease selling pressure within the market. To support the GALA token’s value, which had dropped to $0.037 on Monday due to the exploit, they bought a substantial amount of 28 million tokens from the open market.
Despite the recent investment from DFW Labs, the token’s value has dipped and is now trading at $0.0431, which marks a 7.8% decrease in value over the past 24 hours.
In the end, Gala Games reassured the public that the problem was under control. They confirmed that all contracts were safe and additional safety measures were put in place to prevent similar incidents from happening again.
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2024-05-22 02:10