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Gala Games exploited for 200 million dollars
An unknown attacker reportedly exploited the Gala Games blockchain gaming project on May 20 for approximately $200 million.
Solidity developer 0xquit She said the attacker minted 5 billion GALA tokens via an administrator address, highlighting that an external hacker or unauthorized address owner could be responsible.
0xquit said the attacker can mint 12 billion more tokens before hitting a limit. However, the exploited address is on the blocklist, meaning the attacker must access another administrator address before stealing or minting more tokens.
It reflects on the transaction in question Etherscan. Gala Games has not yet commented.
Price falling
Web3’s Molly White is doing great He argued that the actual value of the attack is lower, as the attacker only exchanged $21 million worth of GALA tokens for ETH before the address was frozen.
White added that the attacker cannot sell the tokens without severely impacting the price.
The latest incident resulted in rapid losses for the GALA token. The price dropped from $0.048 to $0.038 in less than two hours, marking a decline of more than 20%.
However, GALA price has since partially recovered to $0.043 at 00:04 UTC.
Past incidents
Gala Games was previously exploited in a November 2021 incident that resulted in a $130 million loss. Subsequently, in 2023, the company founded got into a legal dispute as co-founder Eric Schiermeyer claimed that fellow co-founder Wright Thurston carried out the theft.
Gala Games also suffered a $1 billion exploit in November 2023, carried out by white hat hackers. Although the funds remained safe at the time, the incident sparked concern and affected GALA’s prices.
The GALA token remains among the 70 largest crypto tokens by market capitalization, with a supply worth $1.56 billion, despite its many controversies.