On Could twentieth, an unknown attacker reportedly exploited blockchain gaming challenge Gala Video games for roughly $200 million.

Solidity developer 0xquit mentioned the attacker minted 5 billion GALA tokens via the administrator tackle, noting that exterior hackers or unauthorized tackle holders might have been concerned.

0xquit states that attackers can mint one other 12 billion tokens earlier than reaching the restrict. Nonetheless, exploited addresses can be added to a blocklist. Because of this the attacker would wish to entry one other administrative tackle earlier than stealing or minting extra tokens.

The corresponding transaction can be mirrored in Etherscan. Gala Video games has not but commented.

worth down

Molly White of Web3 Is Going Nice argued that the precise worth of the assault was a lot decrease, because the attackers solely exchanged $21 million value of GALA tokens for ETH earlier than the addresses had been frozen.

White added that attackers can not promote tokens with out considerably impacting the value.

The most recent incident corresponds to the fast lack of GALA tokens. In lower than two hours, the value fell from $0.048 to $0.038, a drop of greater than 20%.

Nonetheless, GALA worth partially recovered to $0.043 as of 12:04 AM UTC.

previous incident

Gala Video games was beforehand exploited in an incident in November 2021 that resulted in losses of $130 million. The corporate's founders then entered a authorized dispute in 2023 when co-founder Eric Schiermeier claimed fellow co-founder Wright Thurston had carried out the theft.

Gala Video games additionally skilled a $1 billion exploit by white-hat hackers in November 2023. Though the funds had been protected on the time, this incident brought on concern and affected GALA costs.

Regardless of quite a few controversies, the GALA token stays among the many 70 largest crypto tokens by market capitalization, with a provide value $1.56 billion.

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