An unknown attacker exploited the blockchain gaming challenge Gala Video games on Could 20 for roughly $200 million, in line with experiences.
Solidity developer 0xquit stated the attacker minted 5 billion GALA tokens by way of an admin deal with, noting that an exterior hacker or rogue deal with proprietor might be accountable.
0xquit acknowledged that the attacker can mint 12 billion extra tokens earlier than reaching a cap. Nonetheless, the exploited deal with is blocklisted, that means that the attacker should achieve entry to a different admin deal with earlier than stealing or minting extra tokens.
The related transaction is mirrored on Etherscan. Gala Video games has not but commented.
Worth down
Molly White of Web3 Is Going Nice argued that the precise worth of the assault is decrease, because the attacker solely swapped $21 million value of GALA tokens to ETH earlier than the deal with was frozen.
White added that the attacker can’t promote the tokens with out severely impacting the value.
The newest incident has corresponded with fast losses for the GALA token. The value fell from $0.048 to $0.038 in lower than two hours, marking a drop of greater than 20%.
Nonetheless, GALA’s worth has since partially recovered to $0.043 as of 12:04 am UTC.
Previous incidents
Gala Video games was beforehand exploited in a November 2021 incident that resulted in a lack of $130 million. Later, in 2023, the corporate founders entered a authorized dispute as co-founder Eric Schiermeyer alleged that fellow co-founder Wright Thurston carried out the theft.
Gala Video games additionally skilled a $1 billion exploit in November 2023, carried out by white hat hackers. Though the funds remained protected on the time, the incident precipitated concern and impacted GALA costs.
The GALA token stays among the many 70 largest crypto tokens by market cap, with a provide value $1.56 billion, regardless of its quite a few controversies.
