An unknown person hacked a Web3 gaming project Gala Games. The attacker took advantage of a vulnerability in the site’s smart contract, issuing and withdrawing 5 billion GALA tokens worth $214 million.
By the time the material was published, the Gala team had solved the problem and statedwhich works with law enforcement to identify the hacker.
What happened
After hacking the smart contract, the attacker sold 592 million GALA for 5,952 Ethereum (ETH), which is valued at $21.8 million at the current exchange rate.
The developers of Gala Games wrote that they identified the compromise and within 45 minutes took all necessary measures to minimize the damage. In particular, they blacklisted the hacker’s address, thereby freezing the possibility of further withdrawals of funds.
The project team is currently working with law enforcement to identify and track down the cybercriminal.
The Gala Games team has blocked the exploiter's address. Source: Etherscan
Gala Games CEO Eric Schiermeyer confirmed the hack and emphasized that the Ethereum smart contract for GALA is now safe and protected by a multisig wallet. According to him, the project developers froze and burned the remaining 4.4 billion tokens from the attacker.
Solidity developer under the nickname Quit notedthat the hacker's address had administrator rights. This is what allowed him to compromise the smart contract.
What about the price of GALA
Due to the hack, the GALA rate dropped from $0.047 to $0.038, but by the time of writing, it had recovered slightly. According to CoinGeckothe token is now trading at $0.041, having fallen by a total of 5.7% over the past 24 hours.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
