- On-chain evidence indicates that 5,913.2 ETH, worth $22.5 million, were transferred out of the digital wallet linked to the Gala Games attack.
- This is comparable to the quantity of GALA tokens that were quickly sold off following the Monday exploit, in which an unidentified party created $200 million worth of GALA.
Money from the wallet address linked to the Gala Games exploit seems to have been partially returned.
On-chain data indicates that the digital wallet sent out 5,913.2 ~ETH, or $22.5 million. This is comparable to the quantity of GALA +7.34% tokens that were quickly sold off following the Monday exploit.
GALA is trading at $0.043, up from yesterday’s low of $0.040 at the time of writing.
The Olympic Games fraud
Over $200 million worth of 5 billion GALA tokens were created on Monday by an unidentified entity. The Block earlier reported that the price of GALA, the platform’s native token, dropped by 15% after the incident.
Co-founder of Gala Games Eric Schiermeyer, also known online as Benefactor, reported that the exploiter torched the remaining 4.4 billion coins after selling 600 million GALA, which was valued at about $21 million at the time.
He continued on the social networking site X, saying that within 45 minutes after the exploit, Gala Games had secured and eliminated illegal access to the GALA contract, and that the ETH used for GALA was safe because it was stored in a multi-signature wallet.
Our internal controls were compromised,” Schiermeyer added. “We are taking action to make sure that this doesn’t happen ever again. It shouldn’t have happened. We think we have found the offender, and we are collaborating with the FBI, DOJ, and a number of foreign authorities right now.
One concern is our daily distribution. Schiermeyer continued. To decide how to address this, a node vote will be held. The community will once again determine how to move forward.
Gala Games further clarified on social media that the affected wallet had been locked, stating, “We are closely collaborating with law enforcement to investigate the individuals behind the breach. This was an isolated incident, the cause of which has been addressed.”
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.
