Gala Games Plunges Over $200M Hack: What Happened?
Gala Games (GALA) saw a significant drop of more than 5% following an exploit worth around $206 million, identified by Etherscan. Someone created 5 billion GALA tokens on May 20, causing a 15% decline in the token’s price to $0.0397. However, the price has slightly recovered to $0.04136 as of 5:20 a.m. EST.
- The incident has been contained, and affected wallets have been frozen.
- The project is collaborating with law enforcement to investigate the breach.
History of Exploits at Gala Games
This is not the first time Gala Games has experienced a significant exploit. In early 2021, the project lost approximately 8.65 billion GALA tokens valued at $130 million. Co-founder Eric Schiermeyer accused fellow co-founder Wright Thurston of involvement in the incident, leading to a lawsuit.
- Thurston allegedly enriched himself by selling stolen GALA tokens.
- Thurston countersued Schiermeyer, accusing him of misusing company funds.
Hot Take: Gala Games Scandal Unfolds
It seems Gala Games is no stranger to controversy, with multiple incidents of exploits and legal battles among its co-founders. The recent hack involving $206 million worth of GALA tokens is just the latest chapter in the project’s tumultuous history. As the investigation unfolds and legal proceedings continue, the future of Gala Games remains uncertain in the crypto gaming space.
By
By
By