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Gala Games Attacker Returns Ethereum After $240 Million Token Exploit

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Gala Games Attacker Returns Ethereum After $240 Million Token Exploit

Behind him is the yet unidentified attacker Monday’s $240 million Gala Games token exploit returned the Ethereum (ETH) gained from the sale of some tokens, as Gala deals with the consequences of the attack and how to address the remaining questions.

It was around 5,913 ETH, or around $22 million sent back from the attacker’s wallet to a Gala wallet Tuesday morning, representing funds earned from the sale of 600 million GALA tokens on a decentralized exchange Uniswap shortly after Monday’s exploit.

In Gala’s Discord server on Tuesday, CEO Eric “Benefactor” Schiermeyer said the company will “likely buy and burn” GALA tokens using recovered ETH, a move that could potentially drive the token’s price higher after the drop on Monday.

On Monday, Schiermeyer wrote in an announcement on Discord that the cryptocurrency gaming startup believed it knew who was behind the attack and said it was working with authorities to bring the attacker to justice. The person in question has yet to be publicly identified, and Gala Games declined to comment beyond the published statements.

Gala published a blog post recounting the attack and the countermeasures taken by the company on Tuesday. On Monday, a wallet with administrative access to the GALA token minting contract minted 5 billion GALA tokens, or about $240 million at the time of the exploit, and then began selling them on the open market.

After about 45 minutes, Gala was able to stop the wallet from making any further sales thanks to a feature built into last fall’s v2 contract update. The attacker managed to sell 600 million GALA tokens before this happened, and the price of GALA plummeted 20% during that period as the market struggled with the token surge.

“We want to assure our community that $GALA’s minting capabilities on GalaChain remain secure and uncompromised,” the post reads. “Our internal controls and multisig security protocols are designed to protect against such incidents, and we continually improve them to stay ahead of potential threats.”

However, while the company said the contract is secure, Schiermeyer had already written on Monday that Gala had “matched” regarding access to those features.

“We messed up our internal controls…this should not have happened and we are taking steps to ensure it never happens again,” he wrote Monday.

What about the other 4.4 billion GALA tokens? This is almost 9% of the total supply of 50 billion GALA tokens, which are currently frozen in the attacker’s wallet. Schiermeyer wrote on Monday that they would be considered “effectively burned,” since they are inaccessible and cannot be spent.

In other words, the Gala ecosystem would consider them out of circulation. But now it appears that Schiermeyer’s classification was premature and the community of Gala network node operators will have a chance to vote on the issue.

“A new vote on the governance of the Founder’s Node ecosystem will soon decide whether the blacklisted GALA will be considered burned as it relates to GALA’s dynamic supply distribution model as described in the Gala Ecosystem Project“, the post reads.

By Ryan Ozawa.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Meme Coin Merger: Presidential Tokens TRUMP and BODEN Collapse in Market Crash – Market Updates Bitcoin News

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Meme Coin Merger: Presidential Tokens TRUMP and BODEN Collapse in Market Crash - Market Updates Bitcoin News

https://news.google.com/./articles/CBMiaWh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9tZW1lLWNvaW4tbWVsdGRvd24tcHJlc2lkZW50aWFsLXRva2Vucy10cnVtcC1hbmQtYm9kZW4tdHVtYmxlLWFta WQtbWFya2V0LXNsdW1wL9IBAA?hl=en-US&gl=US&ceid=US%3Aen

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OpenAI co-founder announces his new company, AI tokens rally

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OpenAI co-founder announces his new company, AI tokens rally
  • Former OpenAI co-founder Ilya Sutskever announced Wednesday the launch of a new artificial intelligence research lab in the United States.
  • News of the launch of Safe Superintelligence Inc. catalyzed gains in AI-related crypto tokens.
  • The market capitalization of the AI ​​category increased by 12% in the last 24 hours.

Artificial intelligence (AI) crypto token prices rise on Thursday following news that OpenAI’s co-founder has started his own company. Ilya Sutskever, former chief scientist at OpenAI, announced the launch of a security-focused AI research lab in Palo Alto and Tel Aviv, US.

The news comes amid concerns regarding the security aspect of Artificial General Intelligence (AGI), under development at OpenAI.

According to data from CoinGecko, the market capitalization of AI tokens increased by 12% in the last 24 hours.

AI Tokens See Huge Price Gains

AI tokens such as Near Protocol (NEAR), Fetch.ai (FET), Internet Computer (ICP), Render (RNDR), Bittensor (TAO), The Graph (GRT), SingularityNET (AGIX) and Akash Network (AKT) extended gains in recent 24 hours, according to CoinGecko data.

AI tokens

AI tokens

The rally can largely be attributed to the announcement of the new company, Safe Superintelligence Inc. The team consists of former co-founder Ilya Sutskever, American entrepreneur Daniel Gross and Daniel Levy, a research assistant at the laboratory of computer scientist Stephano Ermon . Sutsekever served as chief AI scientist at OpenAI and focused on the “safety” aspect when developing AGI.

The announcement of the fundraising for Artificial intelligence projects from hedge funds and Venture Capital is another catalyst that will likely fuel gains in this token category. Pantera Capital announced on June 19 its decision to invest $200 million in artificial intelligence ventures, according to a report by DLNews.

Major crypto funds are raising $1 billion, of which AI will receive a 15 to 20% investment. This development is another market driver, which is likely to influence investor sentiment towards AI tokens.



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LayerZero’s ZRO token airdrop with mandatory donations is live

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LayerZero's ZRO token airdrop with mandatory donations is live

“ZRO Claims is live” Source: LayerZero Foundation on X.

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Complaints about LayerZero’s new ZRO token it went live today, but the airdrop mechanic required a 10 cent donation for each token participants wish to receive. This initiative, announced via an X post, binds symbolic statements to direct donations to the Protocol Guild, with the goal of aligning long-term commitment with the LayerZero protocol.

LevelZero underlined the innovative aspect of this approach, stating that, by donating, eligible recipients “show a long-term alignment with the LayerZero protocol and a commitment to the future of cryptocurrencies.”

The foundation will match donations up to $10 million, marking the first instance of mandatory donation for airdrop requests in the cryptocurrency industry.


SapphireSapphire


SapphireSapphire

Reception from the crypto community has been mixed. Some users disapproved of the mandatory donation, while others appreciated the development support. The airdrop will see 85 million ZRO tokens available for distribution, with over 50% reserved for key investors and contributors as part of a three-year vesting program.

Despite some dissatisfaction, LayerZero’s ZRO token is highly anticipated, trading at $4.27 in pre-market futures. It is expected to launch on exchanges like Binance at midday UTC, although it appears that the exchange has done so postponed this at 13:00 UTC.

LayerZero’s airdrop eligibility checker, released the day before, also drew criticism from DeFi users. Many expressed frustration with the small assignments despite significant use of the protocol. The allocation process appeared to favor holders of specific NFTs, such as Pudgy Penguins and Kanpai Pandas, over those with a high number of transactions or Gh0stly Gh0sts NFTs.

Approximately 1.28 million wallets are eligible for the airdrop, with 8.5% of the total community allocation of 23.8% to be distributed initially. The remaining tokens will be distributed over the next three years through various incentives and rewards.

The pre-market valuation for ZRO is $4.50, representing a fully diluted value of $4.5 billion. However, the state of airdrop farming is causing growing frustration among users, with decreasing investment returns and oversaturation of protocols.

Echo.xyz founder Cobie commented on these growing concerns, said: “If you’re a founder, IMO, you’re probably thinking about never doing an airdrop again these days; now the disadvantages are much greater than the advantages.”

LayerZero also received criticism back when asked the farmers of Sybil to self-report. Next up, LayerZero CEO Bryan Pellegrino confirmed that up to 100,000 wallets have self-reported their Sybil activities.

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Will AGIX and OCEAN AI tokens lead the bullish rally with a massive price breakout?

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Will AGIX and OCEAN AI tokens lead the bullish rally with a massive price breakout?

The Artificial Intelligence (AI) category continues to dominate the cryptocurrency market for the second day in a row, indicating a growing dominance of AI tokens over elite cryptocurrencies in the crypto space.

In particular, Fetch.ai (FET) Price. and Turbo (TURBO) posted the highest gains in the AI ​​category over the past day. Additionally, SingularityNET (AGIX) and Ocean Protocol (OCEAN) have seen similar trends adding over 20% to their respective portfolios, highlighting more bullish action.

With the ongoing bull market, will AGIX and OCEAN prices rise another 30% this month? Let’s go, as in this article we have covered the price analysis and market sentiments for SignularityNET (AGIX) and Ocean Protocol (OCEAN) for this month.

SingularityNET suggests another price hike this month?

After showing bearish price action since the beginning of the month, AGIX price has shown strong bullish price action this week by adding 24.55% to its portfolio in the last 24 hours. Furthermore, the altcoin has increased by 35.02% in the last 2 days, highlighting a greater positive influence.

TradingView: AGIX/USDT

The technical indicator, SMA, shows a positive crossover in the 1D time frame, indicating an increase in buying-selling pressure for the AGIX cryptocurrency in the market.

On the other hand, the Relative Strength Index (RSI) registers a sharp increase below the oversold range, highlighting a growing bullish sentiment in the cryptocurrency sector. Furthermore, the average shows bullish convergence, suggesting that the price will continue to gain value this week.

If AI tokens continue to experience positive influence from the cryptocurrency market, the AGIX coin price will prepare to test its upper high of $1 in the coming times. However, if investors start to take profits, SingularityNET price will plummet towards the lower support level of $0.380.

The OCEAN price records a bullish reversal:

Ocean Protocol price has seen a strong bullish reversal on its price chart below its important $0.5930 level, resulting in a valuation increase of around 35% this week. Furthermore, with the growing positive influence, OCEAN price is expected to continue gaining value this week.

TradingView: OCEAN/USDT

With a trading price of $0.6741, a circulating supply of 1,408,900,141 OCEAN Tokens and a total supply of 1,410,000,000 OCEAN Tokens, Ocean Protocol cryptocurrency has successfully secured the 153rd position on the global list of cryptocurrencies with a market capitalization of $378.332 million.

The moving average convergence divergence (MACD) shows a steady decline in the red histogram, indicating an increase in price action for the AI ​​token in the crypto space. Furthermore, the averages register a high possibility of bullish convergence, suggesting a positive outlook.

If the market is trading with a bullish sentiment, Ocean Protocol price will prepare to test its upper resistance level of $0.9990 this month. On the contrary, if a bearish reversal occurs, the OCEAN cryptocurrency would plummet towards its important support level of $0.5930.

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