DWF Labs, a cutting-edge Web3 investment and market-making platform, has recently made an exclusive buyout. The company has announced support for the blockchain gaming entity Gala Games following a security breach with a buyout of up to 25 million $GALA tokens. The platform took to its official X account to disclose the respective support.
Here at DWF Labs, we are committed to supporting our portfolio companies through thick and thin 🤝🏽We were saddened to hear about the recent security breach at @GoGalaGames, which led to unauthorised transactions involving $GALA tokens. In response to this incident, we have… https://t.co/e4caYjvABQ
— DWF Labs (@DWFLabs) May 21, 2024
Remember that Gala faced a severe security breach with huge damages of $200m. However, the platform fought back and reduced the damages to $21M. Despite this, the $GALA token plummeted due to excessive selling pressure. This latest move will significantly help Gala to stabalise the native coin.
DWF Labs Supports Gala Games Following a Security Breach with a 25M $GALA Coins Buyout
In its recent X post, the firm noted its commitment to supporting its portfolio entities in every situation. Additionally, the platform discussed the recent security infringement that took place at Gala Games. The platform mentioned that the respective security breach paved the way for the execution of the unauthorized transfers. The transactions took into account $GALA tokens.
While responding to the shocking event of the security breach, the company noted that has followed a proactive approach. It added that the company has taken several preemptive moves to relieve market-selling pressures. For this purpose, the company has purchased a significant amount of up to 25M $GALA coins. The platform made this purchase on the public market.
The Platform Intends to Stabilize the Value of $GALA and Provide a Consistent Support
The buyout targets to stabilize the value of the $GALA token. Apart from that, this move also signifies the company’s determination to offer continuous support amid the difficult times. Moreover, the firm stressed the security thereof. It asserted that it gives special preference to the security of investments as well as the communities.
The platform moved on to provide the latest updates regarding the security incident at Gala Games. It revealed that the team at Gala Games has confirmed that they have dealt with the issue. Along with that, they are reportedly securing the contracts along with ensuring the prevention of other such incidents. It also expressed hope that the Gala Games would resiliently come out of this setback.