- Following the recovery of assets from a recent security problem and the proposal to burn those monies for the stability of the token, Gala Games’ token, GALA, saw significant gains on Wednesday.
The GALA price increase coincides with the publication of a report regarding the hack. The successful response of the security team and the participation of federal law enforcement agencies are acknowledged in the report. It claimed that Ethereum (ETH) worth more than $20 million had been added back into the system.
In particular, the group observed an atypical transfer of $200 million worth of GALA tokens; nonetheless, all of the tokens in the unapproved wallet were locked in 45 minutes. The team successfully mitigated the situation by halting further unlawful minting and GALA movement.
Soon after this incident, almost 90% of the newly created GALA was locked.
In order to maintain the stability of the ecosystem, the organization has suggested burning 4.4 billion GALA tokens in addition to 600 million from the central Gala Treasury in order to address the security incident. The 5 billion GALA will be sent to a burn address, where they will be permanently burned out of circulation.
GALA’s price increased by 20.6%, reaching a peak of $0.04969 at 6:25 AM EDT, according to CoinMarketCap. It is now trading at $0.04736, up 6% to $1.67 billion in market value, and down 24% in trading volume over the last day.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
