GALA Allegedly Hacked, 5B Tokens Minted, Value Drops 19%

May 20, 2024, 09:15 PM

GALA, a cryptocurrency token, has allegedly been hacked, resulting in the minting of approximately 5 billion tokens valued at around $220 million. The hacker has been selling the stolen tokens in batches of 100 ETH, with the wallet currently holding around 4,700 ETH. The hacker swapped 500 million GALA for 4.8K ETH. The incident has caused GALA's value to drop by 19%. The situation is still developing, with on-chain data being monitored for further confirmation.