{"id":79182,"date":"2024-05-22T03:26:16","date_gmt":"2024-05-22T07:26:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=79182"},"modified":"2024-05-22T03:26:20","modified_gmt":"2024-05-22T07:26:20","slug":"gala-games-hacker-returns-22m-in-ether-from-attack","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/gala-games-hacker-returns-22m-in-ether-from-attack\/","title":{"rendered":"Gala Games Hacker Returns $22M in Ether from Attack"},"content":{"rendered":"\n

Gala Games <\/a>has been reimbursed approximately $22 million in Ether by the hacker accountable for minting $200 million worth of GALA tokens on May 20. <\/p>\n\n\n\n

\"Gala
Gala Games Hacker Returns $22M in Ether from Attack<\/figcaption><\/figure>\n\n\n\n

The incident involved issuing and selling a fraction of the $200 million worth of Gala GALA tokens before the wallet was blocked.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\"Source:<\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

In a May 20 X and Discord post, Gala's co-founder and CEO, Eric Schiermeyer\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, confirmed the alleged perpetrator's identity, providing details such as “his home address.”<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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

The group will probably repurchase and incinerate the corresponding GALA tokens with the returned ETH, according to a Discord message by Schiermeyer.<\/p>\n\n\n\n

Schiermeyer penned, “No further action is apparent that we ought to take with the ETH.” “We will likely purchase and dispose of on galaswap.”<\/p>\n\n\n\n

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.”<\/p>\n\n\n\n

DWF Labs<\/a> 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.<\/p>\n\n\n\n

The firm stated, “Utilizing community safety and investment security is vital.”<\/p>\n\n\n\n

CoinGecko ranks GALA at $0.043, an increase of 0.4% in twenty-four hours and 9.3% over the previous seven days.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":12,"featured_media":79187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476],"tags":[12101,19651,2118],"class_list":["post-79182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams","tag-gala-games","tag-gala-tokens","tag-hacker"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/image-51.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79182","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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=79182"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79187"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=79182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=79182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=79182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}