Gala Games Suffers $214 Million Hack Through Minting of Unauthorized GALA Tokens – Here's What Happened...
Gala Games was the victim of a security breach that resulted in the unauthorized minting and sale of a substantial amount of its native token, GALA. According to Lookonchain, the hacker managed to mint 5 billion GALA tokens, worth approximately $214 million at the time of exploitation.
Rapid dumping and blacklisting
The attacker wasted no time in capitalizing on the illegally obtained tokens, quickly dumping 592 million GALA tokens onto the market in exchange for 5,952 ETH, valued at around $21.8 million.
However, Gala Games quickly noticed the exploit and took decisive action, blacklisting the hacker's address, effectively preventing any further sales of the compromised tokens.
