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Gala Games Swiftly Resolves Security Breach, Ensures GALA Token Safety
Gala Games swiftly took action to address a major security breach that took place on May 20. During the incident, approximately $21 million worth of GALA tokens were unlawfully sold and an additional 4.4 billion tokens were effectively burned. The company acted promptly, managing to contain the breach within a mere 45 minutes. Consequently, the security of the GALA Ethereum contract was safeguarded, and the perpetrator responsible for the breach was identified.
In an effort to reinforce trust within their community, Gala Games shared details of their immediate response on social media. The company admitted to lapses in internal controls and is taking decisive steps to prevent future incidents. “We messed up our internal controls…This shouldn’t have happened, and we are taking steps to ensure it doesn’t ever happen again,” the company stated.
The GALA Ethereum contract remains secure, safeguarded by a multi-signature wallet, which prevents unauthorized access and enhances security. Additionally, Gala Games has successfully identified the individual responsible for the exploit and is collaborating with global law enforcement agencies to apprehend the culprit.
Following the security breach, Gala Games is actively engaging with its community to determine how to address the impact on their token distribution process. A node vote is planned to decide on future actions, emphasizing community involvement in the decision-making process.
Details of the Exploit
Initial reports revealed that over 5 billion $GALA tokens were minted during the incident, which was either due to a hack or an insider theft. Solidity developer 0xquit speculated that the attacker used an admin address to mint the tokens, suggesting that the incident could have involved either an external hacker or a compromised insider.
To prevent further unauthorized activities, the exploited admin address was quickly blocklisted, effectively halting additional token minting without access to another admin address.
The incident initially led to a sharp 20% drop in the value of the $GALA token—from $0.048 to $0.038 within two hours—before it partly recovered to $0.043. Despite this setback, the GALA token, with a market cap of $1.56 billion, continues to be one of the top 70 largest cryptocurrencies.
As Gala Games continues its investigation into the breach, the company is committed to enhancing its security measures and maintaining transparency with its community. This commitment to security and transparency aims to fortify the trust of their users and ensure the robustness of their operational protocols against future threats.
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