Gala Games Hack: Attacker Returns $22.75 Million in ETH 🚀
Last week, Gala Games fell victim to a hack resulting in a loss of $200 million. The attacker took advantage of a vulnerability in their internal processes and created 5 billion new GALA tokens, making a profit of $21 million by selling 600 million tokens on decentralized exchanges. However, there seems to be a positive turn of events as the hacker has returned almost 5,950 ETH, equivalent to $22.75 million.
Return of Funds and GALA’s Response
- Tracing the transactions, it was discovered that the ETH had been sent to a Gala Games wallet.
- CEO Eric Schiermeyer, also known as Benefactor, confirmed the receipt of funds in the Gala Games Discord server.
- A “buy and burn” model was introduced, where the returned ETH will be used to buy GALA tokens, stabilizing the token value by burning them out of circulation.
Market Impact and Investor Participation
- DWF Labs, a Gala investor, purchased 28 million GALA tokens to reduce selling pressure, helping the token recover to $0.045.
- Gala Games has engaged the community through a node vote to decide on future actions regarding daily distribution, showcasing transparency and involvement.
- The recovery of stolen funds, implementation of buy and burn strategy, and support from investors demonstrate the crypto community’s commitment to safeguarding investments and market integrity.
Hot Take: Protecting Investments and Rebuilding Trust in Gala Games 🛡️
The swift response to the Gala Games hack, the return of stolen funds, and the collaborative efforts of the community and investors reflect a strong sense of responsibility and commitment to upholding the integrity of the crypto market. With proactive measures in place and a focus on transparency, Gala Games is on the path to restoring trust and stability in its project.
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