Gala Games got hacked in a security breach for $200 million in GALA tokens

Gala Games is a blockchain-based game platform. GALA token is the native token of Gala Games ecosystem.

As a utility token, GALA serves multiple functions within this ecosystem. It acts as the primary medium of exchange, allowing users to purchase in-game items, pay for services, and engage in peer-to-peer transactions.

Moreover, it incentivizes the operation of nodes that support the network, rewarding participants for their contributions to the platform's stability and security.

GALA's versatility extends to governance, granting token holders a say in the future development of the Gala Games platform.

One of the games that Gala launched is Ethernal Paradox launched on Dec 6, 2023

Gala Games, a blockchain project in the gaming sector, is facing at security breach.

Quit on X: "A compromised or rogue Gala Games admin address minted 5 Billion $GALA ($200M) and has been systematically selling the tokens for the past 2 hours. This is why decentralization is important - I prefer "can't be evil" over "don't be evil", and design with that in mind. 

An unknown individual minting 5 billion GALA tokens worth about $200 million and sold the tokens on the decentralized exchange Uniswap.

This incident caused GALA token’s 24-hour price to drop 2.9%.

In response to this event, Gala Games announced a migration to a new version of their contract, urging token holders to transition to the updated contract to mitigate the impact of the hack and secure their investments.

Eric Schiermeyer, Gala Games' CEO, came out to admit in a post on X that Gala messed up its internal controls. Gala team identified the compromise and secured and removed unauthorized access to GALA contract within 45 minutes after security breach happened.

Gala Games said in a post on X that it is working closely with law enforcement to investigate the individuals behind the breach.