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Gala Games Hacked, 5 Billion GALA Lost, Value Drops 15%

May 20, 2024, 09:43 PM

Gala Games, a Web3 gaming platform, has reportedly been hacked, with the attacker allegedly minting 5 billion GALA tokens worth over $200 million. The hacker compromised the minter key, likely through a private key compromise, and began selling the tokens on decentralized exchanges like Uniswap in chunks. Reports indicate that the hacker managed to swap GALA for approximately 5930 ETH, valued at around $21.5 million, before being blocklisted. Despite initial fears of a $236 million loss, the Gala Games team was able to mitigate the damage, resulting in a confirmed loss of $21 million. The incident has caused GALA's value to plummet by 15%.