GALA Token Attacker Restores $22M to Gala Games

Gala Games has acquired approximately $22 million worth of Ether (ETH) from the individual responsible for the “security incident” on May 20. During the incident, $200 million worth of Gala (GALA) tokens were created and a small portion was sold before the wallet was frozen. On May 21, the attacker returned 5913.2 ETH, equivalent to $22.3 million, which is close to the market value of the 600 million GALA tokens that were sold the previous day. Gala stated in a blog post that the ETH was returned due to their quick and effective response, as well as the involvement of law enforcement agencies. Gala utilized GalaChain’s blocklist protocol feature to freeze 4.4 billion GALA out of the 5 billion that were created within a span of 45 minutes. Eric Schiermeyer, Gala’s co-founder and CEO, revealed in a post that the alleged attacker had been identified, including his home address. Although Gala Games has not publicly confirmed the identity or method of the exploit, some community members believe the attack was carried out by a security contractor who made a mistake by connecting to the wallet without a VPN. Schiermeyer mentioned that the team plans to repurchase and burn an equivalent amount of GALA tokens using the returned ETH. Additionally, a governance vote is underway to determine if the 4.4 billion blocklisted GALA tokens will be considered burned. In other news, DWF Labs purchased 28 million GALA tokens on the open market to stabilize the token’s value. GALA’s price has increased by 0.4% in the last 24 hours to $0.043, showing a 9.3% increase over the past week, according to CoinGecko.