A sudden surge in GALA token supply triggered turmoil within the crypto gaming realm on Monday, as fears of a potential breach gripped traders. Reports surfaced of an unauthorized minting and subsequent sale of 5 billion GALA tokens via the decentralized exchange Uniswap. This prompted concerns of a significant security breach, casting a shadow over Gala Games’ native token.
However, Gala Games swiftly moved to address the situation. The company reassured investors that the security incident had been contained, with the affected wallet frozen to prevent further unauthorized activity. Eric Schiermeyer, CEO of Gala Games, emphasized the prompt action taken by the company to secure and remove unauthorized access to the GALA contract, reassuring stakeholders of the safety of their ETH contract, which remained unaffected.
In response to the incident, Gala Games disclosed ongoing cooperation with law enforcement agencies, including the FBI and the U.S. Department of Justice, to investigate the breach and identify the responsible parties.
Following the initial panic, GALA’s price experienced a sharp decline, plummeting to $0.039, marking a 19% drop from its recent peak. However, the token managed to rebound and stabilize at $0.042, indicating restored confidence among investors as the situation was brought under control.
This isolated incident serves as a reminder of the ever-present security challenges in the crypto space and highlights the importance of swift and decisive action to mitigate potential risks.
