An unknown person hacked the Gala Games Web3 gaming project . Moreover, the attacker took advantage of a vulnerability in the site’s smart contract, issuing and withdrawing 5 billion GALA tokens worth $214 million By the time the material was published, the Gala team had resolved the problem and stated that it was working with law enforcement agencies to identify the one behind the hack.
Gala Games: What happened?
After hacking the smart contract, the attacker sold 592 million GALA for 5,952 Ethereum (ETH), which is valued at $21.8 million at the current exchange rate.
The developers of Gala Games wrote that they identified the compromise and within 45 minutes took all necessary measures to minimize the damage. In particular, they blacklisted the hacker’s address, thereby freezing the possibility of further withdrawals of funds. However, the project team is currently working with law enforcement to identify and track down the cybercriminal.
“This was an isolated incident, the cause of which we have already eliminated. We will post updated information as the investigation continues and will take all necessary steps to prevent future incidents,” Gala said in a statement.
Gala Games CEO Eric Schiermeyer confirmed the hack and emphasized that the Ethereum smart contract for GALA is now safe and protected by a multisig wallet. According to him, the project developers froze and burned the remaining 4.4 billion tokens from the attacker. “We violated the internal control system. However, this should not have happened and we are taking all necessary measures to ensure this does not happen again. We have identified the address of the perpetrator and are currently working with the FBI, the US Department of Justice and a network of international authorities,” Schirmeyer wrote on X (formerly Twitter).
Solidity developer under the nickname Quit noted that the hacker’s address had administrator rights. In addition, this is what allowed him to compromise the smart contract.
What about the price of GALA
Due to the hack, the GALA rate dropped from $0.047 to $0.038, but by the time of writing, it had recovered slightly. According to coinmarketcap, the token is currently trading at $0.0408, having fallen by a total of 5.7% over the past 24 hours.
Last week, unknown individuals hacked the decentralized lending protocol Sonne Finance. Moreover, and during the attack, the hackers stole more than $20 million.
