Gala Games attackers returned Ethereum after exploiting $240 million worth of tokens.

Attacker not yet identified $240 million Gala Games token exploit on Monday returned Ethereum (ETH) was obtained by selling some tokens as Gala considered the consequences of the attack and how to address ongoing questions.

That’s roughly 5,913 ETH, or about $22 million. Bounced from attacker’s wallet It represents funds received from selling 600 million GALA tokens on a decentralized exchange to the Gala wallet on Tuesday morning. Uniswap Shortly after Monday’s attack.

On Gala’s Discord server on Tuesday, CEO Eric “Benefactor” Schiermeyer said the company would “probably buy and burn” GALA tokens using the recovered ETH. This is a move that could potentially push the price of the token higher after Monday’s drop.

On Monday, Schiermeyer said in a Discord announcement that the cryptocurrency gaming startup believes it knows who was behind the attack and is working with authorities to bring the attackers to justice. The person in question has not yet been publicly identified and Gala Games will not comment further beyond the published statement.

festival You have published a blog post Tuesday detailing the attack and the company’s response. The wallet, which has administrative access to the GALA token issuance contract, minted 5 billion GALA tokens on Monday, or about $240 million worth at the time of the exploit, and then began selling them on the public market.

After about 45 minutes, Gala was able to block further sales of the wallet thanks to a feature built into last fall’s v2 contract upgrade. The attackers were able to sell 600 million GALA tokens before that happened, and the price of GALA plummeted 20% during that period as the market battled the flood of tokens.

“We want to reassure the community that the mining function of $GALA on GalaChain is safe and uncompromised,” the post reads. “Our internal controls and multi-signature security protocols are designed to protect against these incidents and we continually improve them to stay ahead of potential threats.”

But while the company insisted the contract was secure, Schiermeyer previously wrote on Monday that Gala was “broken” when it came to access to those features.

“We broke our internal controls. This should not have happened and we are taking steps to ensure it never happens again,” he wrote on Monday.

What about the remaining 4.4 billion GALA tokens? This represents almost 9% of the total 50 billion GALA token supply, which is currently frozen in the attacker’s wallet. On Monday, Schiermeyer wrote that the money would be considered “effectively burned” because it is inaccessible and cannot be spent.

This means that the Gala ecosystem considers the token to have been removed from circulation. However, Schiermeyer’s classification now appears to be premature and the community of Gala network node operators will have the opportunity to vote on the matter.

“A new Founder’s Node ecosystem governance vote will soon determine whether blocklisted GALA will be considered burned as it relates to GALA’s dynamic supply distribution model. Gala Ecosystem Blueprint“It is written.

Edited by Ryan Ozawa.