Gala Games Striker Returns Ethereum After $240 Million Exploit

The assailant behind it is still unknown Monday's $240 million Gala Games token exploit He replied Ethereum (ETH) is obtained by selling some tokens, and Gala is expected to fall from the attack and how to solve the old questions.

It was roughly 5,913 ETH or about $22 million. The wallet was recovered from the attacker Tuesday morning to the Gala wallet, which represents the proceeds from the sale of 600 million GALA tokens on a decentralized currency. Uniswap Shortly after Monday's exploit.

On GALA's Discord server Tuesday, CEO Eric “BeNfactor” Schiermeier said the company will “buy and burn” GALA tokens using the earned ETH, a move that could boost the token's price following Monday's dip.

On Monday, Schiermeyer said in a Discord announcement that the crypto gaming startup believes it knows who is behind the attack and is working with authorities to bring the attacker to justice. The person in question has not yet been officially identified and the Gala Games will not comment beyond published statements.

Gala Publish a blog post Speaking about the attack and the company's countermeasures on Tuesday. A wallet with administrative access to the GALA token contract issued 5 billion GALA tokens on Monday, or roughly $240 million worth at the time of the exploit, and then began selling them to the open market.

After 45 minutes, Gala was able to block the wallet from making further sales due to a function built into the v2 contract update from last fall. The attacker managed to sell 600 million GALA tokens before this happened, and the price of GALA dropped by 20% as the market struggled with the flood of tokens.

“We want to assure our community that the $GALA processing capabilities on GalaChain are secure and unregulated,” he wrote. “Our internal controls and multi-sig security protocols are designed to protect against such threats, and we are continually working to stay ahead of potential threats.”

However, while the company says the contract is secure, Schiermeier wrote earlier on Monday that Gala was “broken” in acquiring such functions.

“We breached our internal controls…this should not have happened and we are taking steps to prevent it from happening again,” he wrote Monday.

What about the other 4.4 billion GALA tokens? This is about 9% of the total supply of 50 billion GALA tokens, and they are currently frozen in the attacker's wallet. On Monday, Schiermeier wrote that they are considered “effectively burned” because they are inaccessible and unusable.

In other words, the Gala ecosystem considers them removed from circulation. But now Schiermeier's placement seems premature and the Gala Network node operator community will have a chance to vote on the request.

“The vote of the newly established cross-ecosystem governance will determine whether the suspended GALA is fired in relation to the GALA dynamic supply distribution model as recently announced. Gala ecosystem design” he wrote.

Edited by Ryan Ozawa.