GALA rolls from mining $206 million
Amid what is being billed as one of the biggest single-day crypto crashes of 2024 so far, web3 gaming upstart Gala Games is reeling after suffering an exploit The $206 million behemoth leaves its native GALA token in dire straits.
The incident occurred on May 20, when blockchain researchers discovered a smart contract that was unexpectedly minting and distributing 5 billion GALA tokens - nearly 15% of the total supply!
The aftershocks were felt immediately on both centralized and decentralized exchanges. The price of GALA plummeted from around $0.0467 to $0.0397 in just a few hours.
