Gala Games returned the lost $21.8 million and received $25 million from DWF Labs. As stated, as support.
Last night we reported about the likely next hack of the project and that the hacker minted $200 million in#GALAfor himself.
Now details have emerged - he managed to mint 5 billion GALA tokens worth $214 million. After this, Gala Games blocked the attacker’s address, but he managed to exchange 592 million GALA for 5952 ETH (about $21.8 million). This dumped the price by 20%.
Gala Games CEO Eric Schiermeyer said that the team is cooperating with the FBI, the Ministry of Justice and other competent authorities. The identity of the hacker behind the hacking of the project, according to him, has been established. This is likely the reason why the hacker eventually returned all the stolen funds.
Market maker DWF Labs today published a post that they purchased GALA tokens for $25 million. And that “the money is aimed at stabilizing the value of the token after the hack.” But now, it turns out, there is no need to stabilize?
During the incident, the asset went from the volume level of $0.04770 to almost the volume level of $0.03721. And as a result, I spent almost the entire day between the levels of $0.04058 and $0.04318. The volatility due to the fact of hacking was also not super strong. But for those who were liquidated, it was enough.
In general, the project is “not a project, but a dream” (sarcasm). Loud (second in two years) hacks, conflict in management with lawsuits by the CEO and co-founder against each other.
