Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ETHEREUM NEWS»‘We messed up’: Gala Games sees $240 million worth of tokens swiped through exploit
ETHEREUM NEWS

‘We messed up’: Gala Games sees $240 million worth of tokens swiped through exploit

By Crypto FlexsMay 21, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
‘We messed up’: Gala Games sees 0 million worth of tokens swiped through exploit
Share
Facebook Twitter LinkedIn Pinterest Email

If we do the research, you can get alpha!

Get exclusive reports and key insights on airdrops, NFTs, and more! Subscribe to Alpha Reports now and enjoy the game!

Go to Alpha Report

The price of Gala Games (GALA) tokens plummeted on Monday after attackers minted and leaked 5 billion tokens through the Gala smart contract. The value of swiped tokens at the time of the attack was approximately $240 million.

Ultimately, the attackers sold 600 million tokens through the decentralized exchange Uniswap. This was worth approximately $29 million worth of tokens at the time of the attack. While selling was in progress, the price plummeted by 20% from about $0.048 to $0.038 in less than an hour.

“A threatened/malicious Gala Games administrator address has minted $5 billion GALA ($200 million) and has been systematically selling tokens over the past two hours,” 0xQuit, an anonymous smart contract developer and security auditor, wrote on Twitter.

About two hours after the hack was discovered, Gala CEO Eric “Benefactor” Schiermeyer posted an update on the Gala Discord server confirming the attack and explaining the situation.

$5 billion issued to compromised or malicious Gala Games administrator addresses $GALA ($200M) and has been systematically selling tokens for the past two hours.

This is why decentralization is important. I prefer “don’t be evil” to “don’t be evil” and design with that in mind.

Outlaw… pic.twitter.com/aZkQZ2zYi6

— Quit (@0xQuit) May 20, 2024

“We secured and removed the unauthorized access to the GALA contract within 45 minutes of identifying the compromise,” Schiermeyer wrote. “It is important to remember that the ETH contract for $GALA is secure and protected by a multi-signature wallet. There has never been any compromise.”

The same message was also posted on the Gala Games Twitter account. Gala later said the wallet in question was “frozen.” As a result, the remaining 4.4 billion unsold tokens were described in the initial post as being “effectively burned.” This means that it cannot be transferred or accessed and is therefore considered destroyed. The total supply of GALA is 50 billion tokens.

Hello, everyone…

I always knew there was a reason I didn’t give a shit about other projects getting hacked. It is unfortunate that an incident occurred that resulted in an unauthorized SALE of ₩600 million ($21 million). $GALA Valid BURN of tokens and 4.4 billion tokens.

we…

— Benefactor (@Benefactor0101) May 20, 2024

Schiermeyer added, “We broke our internal controls. This should not have happened and we are taking steps to ensure it never happens again.” “We believe we have identified the culprit and are currently working with the FBI, DOJ and our international network of authorities.”

In a follow-up tweet, Gala Games described the attack as an “isolated incident.” Gala did not immediately respond. decryptionThis is a request for your opinion.

GALA has rebounded to a price of around $0.04272 at the time of this writing, keeping the token’s price essentially flat over the past 24 hours. This is partly due to the market-wide surge, with Ethereum itself surging 20% ​​in the past day, with the residual effects of market fluctuations clearly appearing to offset the impact of sales.

Related security incidents $GALA Affected wallets containing tokens have been frozen.

This is an isolated incident, the cause has been resolved and we are working closely with law enforcement to investigate the individuals behind the violation.…

— Gala Games (@GoGalaGames) May 21, 2024

In 2023, Schiermeyer sued fellow Gala co-founder Wright Thurston, claiming the latter stole $130 million in GALA tokens.

According to the lawsuit, GALA tokens were moved from the company’s wallets and distributed to 43 wallets controlled by Thurston before being sold between September 2022 and May 2023.

In his counterclaim, Thurston claims Schiermeyer neglected to seek his input during the transaction, which led to the “sale and waste of millions of dollars in company assets.”

Editor: Andrew Hayward

GG newsletter

Get the latest web3 gaming news, hear directly from game studios and influencers in the field, and receive power-ups from our partners.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Leeum’s imminent brake out in major chart patterns

June 6, 2025

Bitcoin dives for less than $ 102K in fading momentum and macroscopic uncertainty.

June 6, 2025

Enterprise Ethereum Alliance accelerates strategic vision with new leadership and board promises -Enterprise Ethereum Alliance

June 5, 2025
Add A Comment

Comments are closed.

Recent Posts

Gala Games unveils a new byte pack in VEXI village.

June 7, 2025

XRP price prediction by reducing the volume of RLUSD (RIPPLE USD)

June 7, 2025

ARCA is disappointed with the IPO allocation and dumps the circle sharing.

June 7, 2025

Eigenlayer starts the redistribution function in testnets

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Vortex uses NVIDIA Jetson to innovate medical imaging with CT-similar ultrasound.

June 6, 2025

2025 Best Free Cloud Mining

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025

Does Ethereum start their business? MorningStar Candlestick Pattern tells the story

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Gala Games unveils a new byte pack in VEXI village.

June 7, 2025

XRP price prediction by reducing the volume of RLUSD (RIPPLE USD)

June 7, 2025

ARCA is disappointed with the IPO allocation and dumps the circle sharing.

June 7, 2025
Most Popular

Bitfinex Alpha | What happens to BTC when the price drops?

September 2, 2024

Neiro Ethereum Price Plunges 40% in One Week, Investors Turn to This Native Meme Coin Offering 807% APY

August 22, 2024

Bitcoin risks are less than $ 82K in the US BTC preliminary disappointment.

March 9, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.