Gala Games has been reimbursed approximately $22 million in Ether by the hacker accountable for minting $200 million worth of GALA tokens on May 20.
The incident involved issuing and selling a fraction of the $200 million worth of Gala GALA tokens before the wallet was blocked.
Nearly the market value of the 600 million GALA they sold the day before, the attacker’s wallet returned 5913.2 ETH valued at $22.3 million on May 21.
The ETH was returned, according to a blog post published by Gala on May 21, following the team’s “rapid and effective response” and the participation of federal law enforcement agencies.
Gala said it deployed 4.4 billion GALA out of the 5 billion minted within 45 minutes by utilizing a new “GalaChain’s blocklist protocol” function.
In a May 20 X and Discord post, Gala’s co-founder and CEO, Eric Schiermeyer, confirmed the alleged perpetrator’s identity, providing details such as “his home address.”
Gala Games has not affirmed the identity or method of the exploit in a public setting; however, some community members assert that Gala stated the attack was the result of an oversight by a security contractor who connected to the wallet without a VPN.
The group will probably repurchase and incinerate the corresponding GALA tokens with the returned ETH, according to a Discord message by Schiermeyer.
Schiermeyer penned, “No further action is apparent that we ought to take with the ETH.” “We will likely purchase and dispose of on galaswap.”
Meanwhile, a Gala Games blog post proposed a governance referendum to determine whether the 4.4 billion GALA placed on the block list will be “considered burned.”
DWF Labs disclosed Tuesday that it acquired 28 million GALA tokens on the open market to “stabilize the token’s value.” This series of events follows its announcement.
The firm stated, “Utilizing community safety and investment security is vital.”
CoinGecko ranks GALA at $0.043, an increase of 0.4% in twenty-four hours and 9.3% over the previous seven days.
