Gala Games Recovers $22 Million After GALA Token Attack

Gala Games, a blockchain gaming platform, has regained around $22 million in Ether following a recent security breach where an attacker minted $200 million worth of GALA tokens and managed to sell a portion of them. The swift response and involvement of law enforcement agencies facilitated the return of the stolen funds.

Rapid Response and Recovery Efforts

Utilizing GalaChain’s blocklist protocol feature, Gala Games effectively froze 4.4 billion GALA out of the 5 billion minted within a mere 45 minutes after the incident occurred. This proactive measure helped mitigate the impact of the attack and safeguard the platform’s assets.

Gala Games Plans for Token Redemption and Governance Vote

Gala Games’ co-founder and CEO, Eric Schiermeyer, revealed plans to repurchase and burn the equivalent GALA tokens using the returned Ether. Additionally, a governance vote is underway to determine whether the 4.4 billion blocklisted GALA will be considered permanently removed from circulation.

Gala Games has not disclosed the identity of the attacker or the specific details of the exploit. However, community speculation suggests that the breach may have originated from a security contractor who accessed the wallet without proper VPN protection.

The recent developments coincide with DWF Labs’ initiative to stabilize the token’s value by purchasing 28 million GALA tokens in the open market. This strategic move aims to reassure investors and maintain confidence in GALA’s market stability.

Despite the security incident, GALA has shown resilience in the market, with a slight increase of 0.4% in the last 24 hours and a notable 9.3% rise over the past seven days, according to data from CoinGecko.

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