Gala Games Exploited, Over $200M Worth Unauthorized GALA Tokens Minted
- Gala Games was reportedly exploited, illegally minting 5 billion GALA tokens worth over $200 million.
- Gala Games confirmed the security breach was contained, with the affected wallet frozen.
- The ETH contract remains secure and protected by a multi-sig wallet.
According to a recent media report, Gala Games, a Web3 gaming platform, may have been exploited on Monday, resulting in the unauthorized minting of 5 billion GALA tokens valued at more than $200 million.
🚨Gala Games loses over $200 million in potential exploit.
— Elja (@Eljaboom) May 21, 2024
Gala Games suffered an exploit, with someone minting 5 billion GALA tokens worth around $206 million.
After I bought $Gala and got replaced without my permission with $Pgala that is worth 0. I lost faith in them. pic.twitter.com/ETMBgoFjcs
Later, in a post on X (formerly Twitter), Gala Games announced that the security breach involving the GALA token had been contained, with the affected wallet now frozen.
They also emphasized that this was an isolated incident, the root cause has been addressed, and they are collaborating closely with law enforcement to identify those responsible for the breach.
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The security incident involving the $GALA token has been contained and the impacted wallet has been frozen.
— Gala Games (@GoGalaGames) May 21, 2024
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 CEO, Eric Schiermeyer, also addressed the matter in an X post. He said:
“I always knew there was a reason I never talk shit about other projects getting hacked...I'm sorry to say we had an incident that resulted in the unauthorized SALE of 600million (21million USD) $GALA tokens and the effective BURN of 4.4 billion tokens.”
Moreover, Schiermeyer also stated that within 45 minutes of identifying the compromise, the company secured and revoked the unauthorized access to the GALA contract. He also assured that the ETH contract for GALA remains secure, safeguarded by a multi-sig wallet, and was never compromised.
Edited by Harshajit Sarmah
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