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Crypto security: $22 million returned to Gala Games

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A couple of days ago, a security incident occurred involving the crypto of Gala Games.

A hacker managed to access the platform with the administrator address of Gala Games, and created 5 billion new GALA tokens.  

.@poweredbygala hacked?

seems like someone minted 5B tokens ~1 hour ago, valued at ~$220M

has been dumping in batches of 100 ETH on @0xProject, address is currently sitting on ~4.6K ETHhttps://t.co/08D4qAd0lk pic.twitter.com/A63jxhESlW

— devops199fan ⌐◨-◨ (@devops199fan) May 20, 2024

Subsequently, he transferred approximately 4,600 ETH to 0x, and sold 600 million of the tokens he minted on Uniswap, cashing in 21 million dollars. 

Subsequently, 4.4 billion GALA tokens were burned.

Hey Everyone…

I always knew there was a reason I never talk shit about other projects getting hacked…I’m sorry to say we had an incident that resulted in the unauthorized SALE of 600million (21million usd) $GALA tokens and the effective BURN of 4.4 billion tokens.

We…

— benefactor (@Benefactor0101) May 20, 2024

The return of the bull and bear funds 

Yesterday, more than 5,900 ETH (over 22 million dollars) were sent from the hacker’s wallet to Gala Games.

Not at my computer so I can’t confirm the address, but it looks like the $GALA exploiter has just returned the ETH they got from the hack! https://t.co/IfnfcQTlqL

— Jason Brink aka BitBender (@BitBenderBrink) May 21, 2024

L’ipotesi è che abbia deciso di restituire parte del bottino. 

According to Gala Games, the decision would have been the result of their timely and effective response, and the involvement of law enforcement. 

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As they stated yesterday in a post on their official blog, the unauthorized wallet was locked down in record time, and the funds were returned because the security measures proved to be effective.

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Something similar, however, had also happened in the past, so it is difficult to imagine that the security measures worked 100%.

The reaction of Gala Games: our crypto security worked

On Monday afternoon, an unusual transfer of GALA tokens occurred on the Ethereum network worth 200 million dollars.

Gala Games promptly responded by activating the blocklist protocol of GalaChain, to quickly block any further unauthorized minting and movement of GALA tokens, thus mitigating the effects of the incident.

Thanks to the swift intervention, within 45 minutes of the unauthorized minting, approximately 90% of the GALA tokens minted by the hacker were blocked. 

This was made possible thanks to a new feature implemented with the update to version v2.

Subsequently, Gala Games contacted the U.S. federal law enforcement authorities, hoping that they will initiate a thorough investigation and appropriate legal action against the culprits.

They also claim that the minting capabilities of GALA on GalaChain would still be secure, because the internal controls and multisig security protocols are designed to protect against such incidents and are continuously improved to keep up with new potential threats.

They have also decided to reimburse anyone who has been subject to unreasonably high transaction fees associated with this incident.

Gala Games:  La questione della sicurezza crypto 

Security on blockchain smart contracts is fundamental because they are public and accessible to everyone. 

In this case, the violation was carried out against the Gala platform, and in particular against the administrator’s account. 

Despite this, they claim that their security measures are solid and effective, and that they are committed to maintaining the highest standards of security and transparency. 

They justify the problem by saying that being pioneers in unknown territories can sometimes be a risky activity, but they assure that GalaChain is well-equipped to handle any unforeseen challenge that Web3 may throw. 

The token GALA

Today the price of the GALA token on the crypto markets has increased by 13%.

In reality, it has simply returned to the level prior to the news of the incident, given that on Monday it was above 46 thousandths of a dollar and today it has returned to just below 47 thousandths. 

Yesterday it had dropped to below 42 thousandths, with a daily loss of more than 12%. 

It is worth noting that at the beginning of 2024 it was at 30 thousandths, and during the month of February it rose significantly, reaching a peak of over 87 thousandths in early March. 

In April, however, it had already fallen below 35 thousandths, but only to bounce back above 50 thousandths at the end of the month. 

In May, it first fell below 39 thousandths and then recovered and rose above 46. 

The current price is in line with that of April 25, and it is 55% higher than at the beginning of the year. 

It should be remembered, however, that it is still down by as much as -94% compared to the highs of 2021, but that was a truly gigantic speculative bubble. 

At the end of 2020, the price was below 1 thousandth of a dollar, and by March 2021 it had already risen above 30 thousandths, which is a level in line with the current one. 

The bull si è gonfiata da settembre a novembre, quando nel giro di poco più di due mesi il prezzo schizzò ad oltre 824 millesimi. 

The burst of the bubble ended in January 2023 when the price had fallen below 17 thousandths. Even in November, it was just above 18 thousandths. 

Sure, here is the translation:

“`html

The company Gala Games 

“`

Gala Games è una piattaforma di gaming che vuole restituire ai gamer il controllo sui loro giochi.

Their mission is to create blockchain games, but with the goal of radically changing the online gaming market. 

Their platform is also equipped with a voting mechanism, based on the Founder’s Node, which allows players to express their opinion on the games that Gala should develop and on which games should receive funding. 

Since its launch in 2019, Gala Games has reached 1.3 million active users and has sold over 26,000 NTF. 

 

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