Gala Games “Contains” $212M Security Incident on GALA Token

Gala Games responds to a security incident involving billions of GALA tokens.

A little girl taiming an evil looking little gramlin chewing on a Gala Coin.
Created by Gabor Kovacs from DailyCoin
  • Gala Games has confirmed an attack on the GALA token.
  • The company said the attack “has been contained.”
  • CEO Eric Schiermeyer hinted at what permitted the attack.

A recent security incident that resulted in the unauthorized minting of billions of GALA tokens “has been contained,” Web3 gaming firm Gala Games said on Tuesday.

On May 20, GALA plunged nearly 15% on fears of a possible exploit, with Etherscan data showing that someone had minted and transferred 5,000,000,001 GALA, worth about $212 million at the time of the incident.

Gala Games Responds

Several hours later, on May 21, Gala Games issued its first update, acknowledging that exploit.

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“The security incident involving the $GALA token has been contained and the impacted wallet has been frozen.” The firm wrote on X. “This was an isolated incident, the cause of which has been addressed and we are working closely with law enforcement to investigate the individuals behind the breach.”

Reiterating its commitment to “the highest standards” of security and transparency, Gala Games said it would provide users with more updates as the investigation continues and take “all necessary steps” to prevent further exploits.

While the alert didn’t provide many details on the exploit, Gala Games CEO Eric Schiermeyer revealed in an X post that the company had “messed up” its internal control, permitting an incident that resulted in the “unauthorized sale of 600 million GALA” and the burn of 4.4 billion tokens.

Per the CEO, Gala Games believes it has identified the suspect and is currently working with the FBI, DOJ, and a network of international authorities to remediate the issue.

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Stay updated on the recent $20M exploit on Sonne Finance:
Sonne Finance Loses $20M to “Known Donation Attack”

Read about North Korea’s Durian malware:
How North Korea’s Durian Malware Targets Crypto Exchanges

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.