As a seasoned crypto investor with a keen interest in the blockchain gaming sector, I must admit that I was pleasantly surprised by Gala Games’ swift response to the recent security incident. The successful recovery of over $20 million worth of Ethereum and GALA tokens is a testament to their effective security measures and collaboration with Federal law enforcement agencies.
On Wednesday, Gala Games’ token, GALA, experienced significant growth. This uptick in value can be attributed to the recovery of funds from a previous security breach. These funds are now being considered for destruction, with the intention of enhancing the token’s stability.
After publishing a report on the recent hack, the price of GALA has experienced a significant increase. The document acknowledges the competent actions taken by the security team and the collaboration with federal law enforcement agencies. Over $20 million worth of Ethereum (ETH) was successfully recovered and restored to the community as a result.
The team detected an unusual transaction moving $200 million worth of GALA tokens, but swift action was taken to freeze these tokens within a 45-minute timeframe in the unauthorized wallet. Further unauthorized creation and relocation of GALA tokens were prevented, minimizing potential damage from this occurrence.
Around 90% of the minted GALA was locked shortly after this event.
Excellent job, $GALA team! Here’s a summary: Some individual attempted to steal $22 million, but soon recognized the gravity of their error and returned an additional $1 million. This amount was then utilized to acquire $GALA tokens and destroy them by burning. Below is one example of such a burn:— Jason Brink aka BitBender (@BitBenderBrink) May 22, 2024
As a researcher studying the recent security incident affecting the GALA organization, I’d like to share that the proposed solution involves the permanent removal from circulation of approximately 5 billion GALA tokens. This includes 4.4 billion tokens from the community, and an additional 600 million from the central Gala Treasury. By sending these tokens to a designated burn address, they will no longer be accessible or tradable, ensuring the long-term stability of the ecosystem.
Based on data from CoinMarketCap, GALA‘s price reached a high of $0.04969 around 6:25 AM EDT, marking a 20.6% increase. The coin now trades at $0.04736. This surge led to an elevated market capitalization of $1.67 billion, representing a 6% growth. However, there was a 24% reduction in trading volume observed over the preceding 24-hour period.
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2024-05-22 22:10