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Gala Games CEO admits guilt in $240 million token exploit

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Gala Games CEO admits guilt in $240 million token exploit

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Following the recent exploit that drained approximately $240 million worth of GALA tokens, Gala Games CEO Eric Schiermeyer responded with a statement, admitting internal control failures and promising to improve security measures. He also said the company has likely identified the perpetrator and is cooperating with the FBI, the Department of Justice and international authorities.

“We messed up our internal controls… This should never have happened and we are taking steps to ensure it never happens again. We believe we have identified the perpetrator and are currently working with the FBI, the Department of Justice and a network of international authorities,” Schiermeyer declared.

AS reported from Crypto Briefing, an attacker gained unauthorized access to a Gala Games administrator’s address on Monday. The attacker used this access to mint 5 billion new GALA tokens, worth around $200 million at the time, and then successfully sold 600 million newly minted tokens on the decentralized exchange Uniswap.

This sale led to a rapid 20% drop in the value of the token, from around $0.048 to $0.038, according to data by CoinGecko. The security breach allowed the attacker to profit approximately $29 million.

The breach was initially reported by 0xQuit, a smart contract developer and security auditor, on Twitter.

Gala Games said it has taken steps to freeze the compromised wallet, effectively making the remaining 4.4 billion tokens unsellable and “burned.” Schiermeyer reassured stakeholders that the Ethereum contract for GALA was never at risk, being protected by a multi-signature wallet.

“It is important to note that our ETH contract for $GALA is safe and protected by a multi-sig wallet. It was never compromised,” she noted.

This isn’t the first time Gala Games has faced an exploit. The project reportedly lost $130 million in a similar incident in 2021.

Despite the turmoil, GALA’s price has recovered to around $0.04, influenced by a broader market recovery that has seen Ethereum’s price rise by 20%.

Ethereum surged above $3,500 on Monday after Bloomberg ETF analysts Eric Balchunas and James Seyffart increased their Ethereum ETF Spot Approval Probability at 75%. Their previous odds were 25%.

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Why Are Fetch and SingularityNET AI Tokens Up 30%? — TradingView News

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Meme Coin Price Drop Continues, Data Says - TradingView News

Artificial intelligence (AI)-based cryptocurrencies Fetch and SingularityNET both rallied more than 30% today, recovering after a three-month downtrend. What’s behind the AI ​​coins rally?

Why are FET and AGIX growing by more than 30%?

According to data from TradingView, the Fetch.ai (FET) token has rallied 37%, while the SingularityNET (AGIX) token is up more than 33% in the last 24 hours.Cointelegraph

The two AI-based cryptocurrencies began their price recovery on June 19. Both currencies have been trending downwards since the end of March.

Over the past three months, FET has fallen by more than 31%, while the price of the AGIX token has lost more than 36%.Cointelegraph

According to Vlad Balaban, co-founder of GT Protocol, a blockchain-based AI execution protocol, today’s price rally was catalyzed by the impending merger between SingulairtyNET, Fetch.ai, and Ocean Protocol. He has written:

“The increase of more than 30% is attributable to the announced merger with Ocean Protocol, aimed at forming the largest decentralized AI ecosystem. This strategic move has ignited investor enthusiasm, anticipating significant advancements and market leadership in AI technology.”

In a June 20th post, SingularityNET announced the official Artificial Superintelligence Alliance (ASI) token merge date of July 1st.

FET and AGIX stay up to date on AI and Nvidia developments: Nansen analyst

The artificial intelligence sector has attracted a lot of attention lately. Nvidia became the world’s most valuable publicly traded company on June 18, after the graphics processing and AI chip giant’s market capitalization rose to $3.34 trillion.

According to Edward Wilson, an analyst at Nansen.ai, developments around Nvidia and the artificial intelligence sector contributed to the rally in FET and AGIX tokens. He told Cointelegraph:

“AI as a sector is popular in both traditional markets and cryptocurrencies. It should come as no surprise that in the wake of Nvidia becoming the most valuable company in the world, AI tokens like NEAR, RNDR and others are becoming resuming.”

Nansen’s Wilson also noted that investor interest in AI remains high:

“Both of these tokens are up around 300% over the past year, compared to ETH which has seen just over 100% over the same period, demonstrating high market interest in this space.”

In the yearly chart, FET grew by more than 750% while the AGIX token grew by 192%.Cointelegraph

According to GT Protocol’s Balaban, part of the growing investor and institutional interest in AI is devoted to the emerging possibilities of artificial general intelligence (AGI):

“Companies are jumping into the AI ​​race, and those who emerge victorious will not only capture the largest market share, but will lead the world. This competition significantly increases investor and VC interest, as a race for AI promises substantial profits for those who make the right investment decisions for their portfolios.”

This article does not contain investment advice or recommendations. Every investing and trading move involves risk, and readers should conduct their own research before making a decision.

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Top 3 Crypto Tokens to Take Advantage of Ethereum Spot ETFs and US Presidential Election Hype: Pepe (PEPE), Binance Coin (BNB) and ETFSWAP (ETFS)

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Top 3 Crypto Tokens to Take Advantage of Ethereum Spot ETFs and US Presidential Election Hype: Pepe (PEPE), Binance Coin (BNB) and ETFSWAP (ETFS)

Some projects in the cryptocurrency space, such as Pepe (PEPE), ETFSwap (ETFS) and Binance Coin (BNB), are in the pipeline to gain positive stimulus from the hype around the US presidential election. However, ETFSwap (ETFS) will benefit further from the upcoming trading of Spot Ethereum ETFs.

ETFSwap (ETFS) on Verge of Bull Run as Ethereum Spot ETFs Ready to Launch

ETFSwap (ETFS) offers access to real-world assets in tokenized form, redefining ETF trading. Users can leverage ETFSwap’s (ETFS) market-making experience to always achieve optimal liquidity and get advanced trading perpetuals up to 10x, including access to futures, access to advanced trading tools and market data in real time.

ETFSwap (ETFS) stands as a beacon at the forefront of a financial revolution with its seamless integration of traditional finance into the realm of DeFi. The platform supports tokenized assets with real-world securities such as Spot Ethereum ETFs purchased from traditional financial markets.

The possibility of Ethereum Spot ETFs starting trading from July 2nd will also significantly enrich the ETFSwap (ETFS) platform, allowing you to trade Ethereum Spot ETFs right from the start as soon as the platform launches.

ETFSwap (ETFS) is able to integrate blockchain technology with ETFs because it works with MiCa compliant and regulated investment banks to trade both securities and cryptocurrencies. The platform provides ETF Screener and ETF Tracker-AI tools designed with algorithms that can read, analyze and process large volume data and provide recommendations based on historical data, market sentiments, trends and pattern recognition.

Through its staking program, you can enjoy high returns from ETF staking and secure passive income when you purchase and stake native ETFS tokens that yield up to 87% in annual percentage rate (APR) yield . Additionally, all users of the ETFSwap (ETFS) platform have access to 24/7 market coverage and the freedom to open and close positions at any time, with the flexibility to manage risks and experience robust measures safety.

Additionally, ETFSwap (ETFS) is on the verge of launching a beta platform. This new platform will offer all cryptocurrency and ETF investors a simple and intuitive experience that will greatly improve buying, selling and trading ETFs with ease.

All these amazing features available on the ETFSwap (ETFS) platform are only accessible to those who hold ETFS tokens. Therefore, now is the right time to hurry and buy at the lowest possible price $0.01831as the price is expected to rise to $0.03846 in the next stage of presale.

Pepe (PEPE) is hoping for a big rally

Pepper (PEPPER) The frog-themed meme coin could see renewed interest among investors looking to double their cryptocurrency gains.

Pepe (PEPE) capitalizes on the popularity of other meme coins such as Shiba Inu (SHIB), Dogecoin (DOGE), and others. Cryptocurrency experts believe that with the increase in the number of Pepe (PEPE) coin holders, daily trading volume and a growing following on social media channels, there is still a lot of potential left in Pepe (PEPE) for another momentum bullish.

Binance Coin (BNB) could push up to $1000

Binance Coin (BNB)The fourth-ranked cryptocurrency by market capitalization is expected to rise by 70.08% and trade within a price range of $675 to $1,000 next year.

Binance coin (BNB) plays a vital role in some pre-sales in 2024, where it is accepted as the main currency. Its robustness and widespread acceptance determine the success of these pre-sales.

Users enjoy a number of benefits within the Binance platform for holding Binance coin (BNB), such as reduced trading fees, exclusive access to token sales, and the ability to transact on Binance ecosystem blockchains.

Conclusion on the 3 main crypto tokens set to exploit Ethereum spot ETFs and the US presidential election hype

While Pepe (PEPE) and Binance Coin (BNB) may see an increase in their prices, this is the case ETFSwap (ETFS) this will likely take advantage of the hype surrounding the US presidential election and, more significantly, the upcoming trading of Spot Ethereum ETFs as the platform is at the forefront of tokenizing ETFs and making them available to investors.

For more information on ETFS presale,

Visit the ETFSwap presale

Join the ETFSwap community

Disclosure: This is a sponsored press release. Please do your research before purchasing any cryptocurrency or investing in any project. Read the full information Here.

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

TokenTalk Staff

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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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