Attack on Gala Games Leads to Unauthorized Minting of 5 Billion GALA Tokens
Game Web3 project Gala Games recently experienced a serious attack, resulting in the unauthorized minting of 5 billion GALA tokens valued at over $200 million. The attacker also managed to sell 600 million tokens, worth $29 million, on the decentralized exchange Uniswap.
Developer Solidity 0xquit Shares Insights
According to developer Solidity 0xquit, the attacker had the potential to mint an additional 12 billion GALA tokens before hitting the maximum limit. Gala Games team quickly took action by blocking the address linked to the fraudulent activity.
Gala Games CEO Reacts
CEO Eric Schiermeyer reacted promptly to the incident, disclosing the attack 45 minutes after its discovery. Despite successfully dealing with the breach, the token’s value dropped by nearly 20%, from $0.048 to $0.039. Schiermeyer admitted a lack of internal controls was the root cause and reassured efforts to identify the attacker were underway.
Collaboration with law enforcement and authorities, including the FBI and US Department of Justice, is ongoing to investigate the incident thoroughly. The event highlights the critical need for robust security measures in cryptocurrency projects and swift responses to potential threats within digital systems.
