{"id":79106,"date":"2024-05-21T03:28:01","date_gmt":"2024-05-21T07:28:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=79106"},"modified":"2024-05-21T03:28:03","modified_gmt":"2024-05-21T07:28:03","slug":"gala-games-ceo-blames-23m-exploit-on-poor-internal-controls","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/gala-games-ceo-blames-23m-exploit-on-poor-internal-controls\/","title":{"rendered":"Gala Games CEO Blames $23M Exploit on Poor Internal Controls"},"content":{"rendered":"\n

Gala Games CEO cites poor internal controls as the cause of a $23M security incident involving the unauthorized minting and selling of GALA tokens.<\/a><\/p>\n\n\n\n

\"Gala
Gala Games CEO Blames $23M Exploit on Poor Internal Controls<\/figcaption><\/figure>\n\n\n\n

According to the CEO of Gala Games, the recent “security incident” involving a criminal who stole and sold $23 million worth of Gala Games' GALA token was caused by “messed up” internal controls.<\/p>\n\n\n\n

Blockchain observers reported earlier on May 20 at 7:32 pm UTC that 5 billion GALA, or the price at the time, were minted. However, the wallet responsible was selling the token in segments and was only able to sell a portion of it.<\/p>\n\n\n\n

Twenty-four hours after reports of the compromise surfaced, GALA reached a low of $0.038\u2014a 20% decline from its daily high of the previous hour. Since then, it has recovered marginally to $0.041.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Gala, according to Schiermeyer, “discovered the compromise” and “removed unauthorized access to the GALA contract.” He further stated that the Ethereum contract “is secure” and “has never been compromised.”<\/p>\n\n\n\n

Schiermeyer wrote that Gala, in collaboration with the FBI, the United States Justice Department<\/a>, and “a network of international authorities,” believes it has identified the perpetrator.<\/p>\n\n\n\n

Gala and Schiermeyer refrained from disclosing the identity of the culprit or the means by which they obtained unauthorized access to the GALA contract.<\/p>\n\n\n\n

The Gala Games declined to comment in response to a request.<\/p>\n\n\n\n

On behalf of Gala Games, Schiermeyer and fellow co-founder Wright Thurston filed lawsuits against one another in August.<\/p>\n\n\n\n

Thurston asserted that Schiermeyer was responsible for Gala's “sell-off and waste of millions of dollars in company assets\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>,” while Schiermeyer asserted that Thurston had stolen a GALA valued at $130 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gala Games CEO cites poor internal controls as the cause of a $23M security incident involving the unauthorized minting and selling of GALA tokens. According to the CEO of Gala Games, the recent “security incident” involving a criminal who stole and sold $23 million worth of Gala Games’ GALA token was caused by “messed up” […]<\/p>\n","protected":false},"author":36,"featured_media":79110,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1313,12101,19637],"class_list":["post-79106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ceo","tag-gala-games","tag-internal-controls"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/Gala-Games-Lawsuit-H-comp.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=79106"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79110"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=79106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=79106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=79106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}