• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
Thursday, June 5, 2025
The VR Soldier
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier
No Result
View All Result

Gala Games became the victim of a $214 million hack

Jordan Avery by Jordan Avery
May 21, 2024
in News
Reading Time: 3 mins read
0
Gala Games Web3 Gaming Smart Contract Crypto Hack Cybersecurity Law Enforcement 1
Share on TwitterShare on Facebook

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.

Gala Games became the victim of a $214 million hack
X

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.

gala
The Gala Games team has blocked the exploiter’s address. Source: Etherscan

“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.

Gala Games became the victim of a $214 million hack-Web3 -smart
coinmarketcap

Last week, unknown individuals hacked the decentralized lending protocol Sonne Finance. Moreover, and during the attack, the hackers stole more than $20 million.

Tags: Crypto HackCybersecurityGala Gameslaw enforcement.Smart contractWeb3 gaming
Previous Post

Bitcoin ETF Inflows Surpass Daily Supply, Discover Hidden Opportunities with WienerAI’s Advanced Predictive Technology

Next Post

Bullish Dogecoin (DOGE) Breakout Could Cause a 20+% Rally

Related Posts

Featured

Dow Rises, Tesla Drops After Musk-Trump Feud

June 5, 2025
Can XRP Hit $5? Technicals and Whales Say Yes
Market Analysis

Can XRP Hit $5? Technicals and Whales Say Yes

June 4, 2025
bitcoin btc
Featured

K33 Begins Bitcoin Buying with 10 BTC Purchase for Treasury Strategy

June 3, 2025
Binance Beats SEC—Crypto Cheers the Legal Victory
News

Binance Beats SEC—Crypto Cheers the Legal Victory

June 2, 2025
Cardano Tanks 50% From Highs—Hope or Hype Ahead
News

Cardano Tanks 50% From Highs—Hope or Hype Ahead

June 1, 2025
Solana Price Prediction:Is the $200 Dream Dead
News

Solana Price Prediction:Is the $200 Dream Dead?

May 31, 2025

Press Releases

Binance Beats SEC—Crypto Cheers the Legal Victory
News

Binance Beats SEC—Crypto Cheers the Legal Victory

by Alex Mercer
June 2, 2025

Introduction From courtroom drama to crypto karma, Binance is having a moment. The SEC has officially pulled the plug on...

Read more
Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

May 25, 2025
Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

May 23, 2025
Dogecoin’s Ready to Bark Again—Could $0.30 Be the Next Fetch?

Dogecoin Ready to Bark Again—Could $0.30 Be Next

May 20, 2025
Ethereum Climbs While PEPE Reloads—Who's About to Explode

Ethereum Climbs While PEPE Reloads—Who’s About to Explode?

May 18, 2025
The VR Soldier

© 2024 The VR Soldier

Navigate Site

  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases

© 2024 The VR Soldier