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On Monday, an attacker minted $200 million worth of GALA tokens but managed to sell only a portion of them. It's just been returned.

In a recent security incident, Gala Games, a Web3 gaming company, fell victim to an exploit that led to the unauthorized minting of 5 billion tokens, equivalent to approximately $214 million. The hacker behind the breach subsequently sold 592 million GALA tokens, amounting to $21.8 million in value, as blockchain analysis firm Lookonchain confirmed.

After 5 billion GALA tokens were minted and swiped Monday, Gala Games got back some of the funds in ETH—and is still figuring out the rest.

Gala Games said it responded swiftly to the significant security breach on May 20 that resulted in the unauthorized sale of $21 million worth of GALA tokens and the “effective burn” of an additional 4.4 billion tokens. The exploit has highlighted vulnerabilities within the project's internal controls, prompting immediate action from the company.

The digital wallet associated with the Gala Games exploit transferred out 5,913.2 ETH, valued at $22.5 million, on-chain data shows.

Gala investor DWF Labs also said that it had purchased 28 million GALA tokens "to alleviate market selling pressures."

TL;DR Gala Games, a major Web3 gaming project, suffered an exploit that resulted in the unauthorized creation and sale of GALA tokens worth over $200 million.

Gala Games experienced a significant security breach due to internal control failures, resulting in the minting and unauthorized sale of $29 million worth of GALA tokens.

The Gala Games hacker quickly liquidated over $21 million worth of $GALA tokens to Ether resulting in notable panic selling.

The Gala Games CEO owned up to the lapse in internal controls that resulted in the theft.

Gala Games suffered a $200 million security breach on May 20, 2024, resulting in the unauthorized minting and partial sale of GALA tokens, prompting an urgent migration to a new contract

Gala Games urges token holders to migrate to a new V2 contract after a security breach led to significant financial losses.

Gala Games had one of the most reported attacks through a blockchain gaming platform on May 20 2024 leading to the unauthorized minting of 5 billion $GALA token. The minted tokens were in total worth $200 million indicating the severity of the exploit.

Gala Games responds to a security incident involving billions of GALA tokens.

Blockchain gaming platform Gala Games has seemingly suffered a security breach, resulting in the loss of more than 4 billion GALA tokens.

Gala Games CEO Eric Schiermeyer confirmed on Tuesday there was a “security incident” that resulted in the unauthorized sale of 600 million GALA tokens.

Gala Games, a prominent web3 gaming company, has reportedly fallen victim to an exploit, resulting in the minting of 5 billion GALA tokens, valued at approximately $206 million.

Gala Games, a Web3 gaming project, faced a significant security breach on May 20. A hacker exploited the platform's smart contract, minting 5 billion of its native GALA tokens worth approximately $214 million.

Gala Games sees $240M in tokens stolen; swift action taken to secure assets and address the breach. The post Gala Games CEO admits fault in $240 million token exploit appeared first on Crypto Briefing.

The GALA Ethereum contract was exploited, leading to the unauthorized minting and sale of 5 billion GALA tokens, worth about $200 million.

An attacker used an exploit to mint and swipe 5 billion Gala Games (GALA) tokens Monday, with the firm calling it an "isolated incident."

An unknown attacker exploited the blockchain gaming project Gala Games on May 20 for approximately $200 million, according to reports. Solidity developer 0xquit said the attacker minted 5 billion GALA tokens through an admin address, noting that an external hacker or rogue address owner could be responsible.

In an urgent response to a security breach, Gala Games has called for all token holders to migrate to the new V2 contract immediately. This advisory comes on the heels of the unauthorized minting and selling of 5 billion GALA tokens which caused the coin to lose a lot of value.

A hacker exploited Gala Games' smart contract, minting 5 billion tokens worth $200 million, with part converted to Ethereum. The post Gala Games hit by $200 million in possible inside job appeared first on Crypto Briefing.