Gala Games gaming platform hacked for the second time, hackers mint $200 million worth of GALA tokens

This is the second security incident that Gala Games has encountered, causing GALA to drop by 20% after the incident.

Stealing coins, fraud, and malicious destruction! The two founders of Gala Games are suing each other, causing GALA to drop by 70% in a year.

Gala Games Hacked, 5 Billion Tokens Minted

According to Lookonchain, blockchain gaming platform Gala Games was exploited in the early hours of the 21st, with hackers minting 5 billion GALA tokens, equivalent to around $2.14 billion. They quickly sold 5.92 GALA tokens for approximately 5,952 ETH, worth $21.8 million.

Gala Games officially stated that they have contained the security breach. Affected wallets have been frozen to prevent further sales, and the team is closely cooperating with law enforcement to investigate the individuals behind the unauthorized activities.

Founder @Benefactor0101 pointed out that within 45 minutes of the incident, Gala Games protected and removed unauthorized access to the GALA contract. He emphasized that the GALA contract is secure and protected by multi-signature wallets, and the issue stemmed from an "internal" source. He believes the culprit has been identified and is currently collaborating with the FBI.

He also revealed that due to the team's intervention, the 44 billion GALA tokens stolen by the hacker and not sold have been effectively burned.

GALA Drops by 20%

Following the incident, the token GALA plummeted from $0.048 to $0.0375, a 21.57% drop. In fact, a security breach involving approximately 8.65 billion GALA tokens occurred at the beginning of 2021, resulting in Gala Games losing $130 million. Co-founder Eric Schemeyer even sued another co-founder, Wright Thurston, for alleged involvement in the hack.

Subsequently, the two were reported to have countersued last year, with both accusing each other of seriously damaging the company's reputation and interests. They hoped to correct each other's behavior and protect the company's interests through legal means, causing GALA's decline in 2023 to reach 80% at one point.