Gala Games just survived a $240 million token exploit! From a crazy security breach to swift action and legal drama, get the full scoop on GALA tokens now!
Quick Recap: Gala Games' Wild $240 Million Token Drama
Guys, here's the quick scoop on the Gala Games saga!
Major Security Breach
- Gala Games got hit with a $240 million token exploit.
- A smart contract breach led to 5 billion GALA tokens being minted.
- The attacker swapped $21 million worth of tokens to ETH before Gala Games could intervene.
Swift Damage Control
- Gala Games’ CEO, Eric Schiermeyer, acted fast to freeze and burn the remaining tokens.
- Within 45 minutes, they secured the GALA contract. That’s some quick action!
Unexpected Turn: ETH Returned
- In an insane twist, the attacker returned the ETH the next day.
- Gala Games plans to convert the returned ETH back to GALA tokens and burn them. Crazy, right?
Legal Drama Unfolds
- Co-founders Eric Schiermeyer and Wright Thurston are suing each other.
- Accusations include theft of $130 million worth of GALA tokens and self-enrichment.
Market Moves: DWF Labs Steps In
- DWF Labs bought 28 million GALA tokens to support the market.
- Though helpful, DWF Labs has its own controversies with alleged token price manipulation.
What's Next for Gala Games?
- Despite the chaos, Gala Games is bouncing back.
- Stay tuned for more twists and turns in this ongoing drama!
Gala Games Faces Shocking $240 Million Token Exploit
Guys, this is insane! Gala Games just went through a crazy ride. We're talking about a whopping $240 million token exploit. Here's what went down.
How the Smart Contract Was Breached
On May 21st, Gala Games experienced a massive security breach. Their smart contract got exploited, leading to the unauthorized minting of 5 billion GALA tokens. Can you imagine? The attacker managed to exchange $21 million worth of these tokens to ETH through Uniswap. But guess what? Gala Games wasn't about to let this slide.
Swift Action by Gala Games to Contain the Damage
“We identified the compromise and within 45 minutes we secured and removed unauthorized access to the GALA contract. We messed up our internal controls… This shouldn’t have happened,” said Eric Schiermeyer, Gala Games' CEO. In record time, they froze and burned the remaining tokens, showing some serious damage control skills.
Unexpected Turn: Attacker Returns ETH
In a crazy turn of events, the attacker returned the ETH on May 22nd. Yep, you heard that right. Gala Games announced they’d likely convert the returned ETH back to GALA tokens. Eric Schiermeyer confirmed on Gala’s Discord server, “We will probably buy and burn on GalaSwap.” Talk about a twist!
Plans to Convert Returned ETH Back to GALA Tokens
So, the plan is to buy back and burn the GALA tokens using the returned ETH. This move is set to stabilize the situation even more. It's like turning lemons into lemonade, right?
Legal Drama Between Gala Games Co-Founders
But wait, there's more. The drama didn’t stop there. Gala’s co-founders, Eric Schiermeyer and Wright Thurston, are now suing each other. This involves hundreds of millions of dollars. Schiermeyer accused Thurston of stealing and selling at least $130 million worth of GALA tokens. To make those stolen tokens worthless, they forked the GALA token and burned a bunch. Thurston, on the other hand, claims Schiermeyer enriched himself at Gala's expense. It’s a legal showdown!
Accusations of Fund Misappropriation Fly
Thurston’s counter-suit is packed with allegations. He says Schiermeyer used his control over various assets to enrich himself. This lawsuit is like a plot twist in a blockbuster movie.
Market Reaction: DWF Labs Buys 28 Million GALA Tokens
In response to the hack, DWF Labs stepped in. They purchased 28 million GALA tokens to support Gala Games and ease market pressures. Now, that's some serious backup!
Support and Controversy Surrounding DWF Labs
However, DWF Labs has its own controversies. Binance’s surveillance team has alleged that they manipulated the price of YGG tokens and six other tokens, racking up over $300 million in wash trades during 2023. It's a mix of support and scandal all around.
Conclusion
So, guys, Gala Games has been through a wild rollercoaster ride. From a huge security breach to legal battles and market support, it’s been non-stop action. But with swift moves and some surprising turns, they’re bouncing back stronger. Keep an eye on this one; it's bound to get even more interesting!
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