The native token of crypto gaming project Gala Games (GALA) fell sharply Monday amid fears of a major transfer of over $200 million worth of GALA tokens that traders feared was a hack, and then recovered after the company said the security incident had been "contained and the impacted wallet has been frozen."

This was an isolated incident, the cause of which has been addressed and we are working closely with law enforcement to investigate the individuals behind the breach.…

— Gala Games (@GoGalaGames) May 21, 2024

On Monday, an unknown party minted 5 billion Gala tokens and proceeded to sell them on decentralized exchange Uniswap, according to blockchain explorers.

Gala Games representatives had not previously announced the activity nor did they offer a quick explanation in the project's Discord server, spurring fears that the mass mint and sell was a hack.