Gala Games exploited for $200 million

An chartless attacker exploited the blockchain gaming task Gala Games connected May 20 for astir $200 million, according to reports.

Solidity developer 0xquit said the attacker minted 5 cardinal GALA tokens done an admin address, noting that an outer hacker oregon rogue code proprietor could beryllium responsible.

0xquit stated that the attacker tin mint 12 cardinal much tokens earlier reaching a cap. However, the exploited code is blocklisted, meaning that the attacker indispensable summation entree to different admin code earlier stealing oregon minting much tokens.

The applicable transaction is reflected connected Etherscan. Gala Games has not yet commented.

Price down

Molly White of Web3 Is Going Great argued that the existent worth of the onslaught is lower, arsenic the attacker lone swapped $21 cardinal worthy of GALA tokens to ETH earlier the code was frozen.

White added that the attacker cannot merchantability the tokens without severely impacting the price.

The latest incidental has corresponded with accelerated losses for the GALA token. The terms fell from $0.048 to $0.038 successful little than 2 hours, marking a driblet of much than 20%.

However, GALA’s terms has since partially recovered to $0.043 arsenic of 12:04 am UTC.

Past incidents

Gala Games was antecedently exploited successful a November 2021 incidental that resulted successful a nonaccomplishment of $130 million. Later, successful 2023, the institution founders entered a ineligible dispute arsenic co-founder Eric Schiermeyer alleged that chap co-founder Wright Thurston carried retired the theft.

Gala Games besides experienced a $1 cardinal exploit successful November 2023, carried retired by achromatic chapeau hackers. Although the funds remained harmless astatine the time, the incidental caused interest and impacted GALA prices.

The GALA token remains among the 70 largest crypto tokens by marketplace cap, with a proviso worthy $1.56 billion, contempt its galore controversies.

The station Gala Games exploited for $200 million appeared archetypal connected CryptoSlate.