Web3 Gaming Project Gala Game Exploited
Recently, an unknown attacker exploited the Web3 gaming project Gala Game by minting 5 billion GALA tokens, worth over $200 million. The security breach has been contained, and the affected wallet has been frozen to prevent further damage.
- The exploit was described as an isolated incident by the Gala Game team.
- Law enforcement agencies have been involved to track down the perpetrator.
Unauthorized Sale and Actions Taken
The attacker made an unauthorized sale of 600 million GALA tokens, valued at $29 million, through the decentralized exchange Uniswap. The address used for the exploit has been blocked, stopping any more malicious actions from that specific address.
- The attacker could potentially create up to 12 billion tokens before reaching the maximum limit.
- To mint or steal more tokens, the bad actor would need access to a different administrator address.
Gala Games CEO Acknowledges Mistake
Gala Games’ CEO, Eric Schiermeyer, publicly admitted that there were lapses in implementing proper internal controls, leading to the security breach. The team believes they have identified the culprit behind the attack and are collaborating with law enforcement agencies for further investigations.
- The community will decide through a node vote on how to address the issue of daily token distribution.
Crypto Community Response
The incident caused the price of GALA to plummet by almost 20% on May 21st, from $0.048 to $0.039. Despite this, the token has since stabilized, and the Gala Games team is working diligently to prevent such breaches in the future.
Hot Take: Learning from Mistakes
It is vital for crypto projects to prioritize security measures and implement robust internal controls to prevent security breaches and unauthorized activities. Transparency, cooperation with law enforcement agencies, and community involvement are crucial in resolving such incidents and maintaining trust within the crypto community.
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