An unknown person has issued and withdrawn 5 billion GALA tokens of the Gala Games Web3 gaming platform for about $210 million, according to Etherscan data.
The attacker was able to sell 600 million GALA through the Uniswap decentralized exchange. Against this background, the price of the asset fell by about 20% in less than an hour — from around $0.048 to $0.038 (CoinGecko).
At the time of writing, the quotes have partially recovered and the drop over the past day is just over 3%.
The exploit was confirmed by Gala Games co-founder Eric Schirmeyer. According to him, the team detected a compromise of the smart contract within 45 minutes and closed the unauthorized access. The hacker's remaining 4.4 billion GALA was blocked and burned.
"We violated the internal control system… This should never have happened, and we are taking measures to ensure that this will never happen again. We believe that we have identified the culprit and are currently working with the FBI, the Department of Justice and a network of international agencies," he said.
The Gala Games team called the incident an isolated incident, the cause of which was eliminated. The developers promised to disclose additional information as the investigation continues.
The attacker was able to sell 600 million GALA through the Uniswap decentralized exchange. Against this background, the price of the asset fell by about 20% in less than an hour — from around $0.048 to $0.038 (CoinGecko).
At the time of writing, the quotes have partially recovered and the drop over the past day is just over 3%.
The exploit was confirmed by Gala Games co-founder Eric Schirmeyer. According to him, the team detected a compromise of the smart contract within 45 minutes and closed the unauthorized access. The hacker's remaining 4.4 billion GALA was blocked and burned.
"We violated the internal control system… This should never have happened, and we are taking measures to ensure that this will never happen again. We believe that we have identified the culprit and are currently working with the FBI, the Department of Justice and a network of international agencies," he said.
The Gala Games team called the incident an isolated incident, the cause of which was eliminated. The developers promised to disclose additional information as the investigation continues.
