Gala Games recently suffered a significant security breach, resulting in approximately $200 million worth of $GALA tokens being minted by attackers.

The malicious actors were able to create 5 billion $GALA directly through minting. So far, the attackers have swapped nearly 600 million $GALA for 5,913 $ETH.

Gala Games was attacked and resulted in approximately $200 million in $GALA being minted by the attackers

The attacker minted 5 billion $GALA directly through minting and so far, the attacker has swapped nearly 600 million $GALA for 5,913 $ETH:https://t.co/SBRjpenbBF https://t.co/idKI8cBbmT

— Beosin Alert (@BeosinAlert) May 21, 2024

In an official announcement on X, Gala Games confirmed that the security incident involving the $GALA token has been contained. The impacted wallet has been frozen, and the cause of the breach has been addressed. Gala Games is working closely with law enforcement to investigate the individuals responsible for the breach. The company emphasized that this was an isolated incident.

The security incident involving the $GALA token has been contained and the impacted wallet has been frozen.

This was an isolated incident, the cause of which has been addressed and we are working closely with law enforcement to investigate the individuals behind the breach.…

— Gala Games (@GoGalaGames) May 21, 2024

Despite the breach, controversial market-maker DWFLabs has expressed continued confidence in $GALA. In a recent statement, DWFLabs conveyed its sadness over the security incident at Gala Games but reaffirmed its bullish stance on $GALA.

The firm disclosed that it purchased over $1 million worth of $GALA tokens in the aftermath of the hack. Specifically, DWFLabs acquired 25 million $GALA tokens, which have a market value of approximately $1.06 million at the time of writing.

Here at DWF Labs, we are committed to supporting our portfolio companies through thick and thin

We were saddened to hear about the recent security breach at @GoGalaGames, which led to unauthorised transactions involving $GALA tokens.

In response to this incident, we have… https://t.co/e4caYjvABQ

— DWF Labs (@DWFLabs) May 21, 2024

$GALA Price Action To Monitor 

As of now, $GALA is trading at $0.0422, reflecting a decline of 2.5% in the past 24 hours. The swift containment of the breach and the proactive measures taken by Gala Games have been crucial in stabilizing the situation. The support from significant market players like DWFLabs also indicates sustained investor confidence in the $GALA token despite the recent setback.

The incident highlights the importance of robust security measures in the cryptocurrency space and serves as a reminder of the vulnerabilities that can be exploited by attackers. Gala Games’ prompt response and collaboration with law enforcement are critical steps in addressing the breach and preventing future occurrences.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: mozakim/Unsplash // Image Effects by Colorcinch

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Filed under: Bitcoin - @ May 22, 2024 2:21 am