The Gala Game Web3 gaming project fell victim to an exploit where an unknown attacker, described as a compromised or rogue admin address, minted 5 billion GALA tokens valued at over $200 million. The team managed to contain the security breach and freeze the affected wallet. Law enforcement agencies have been involved to track down the perpetrator. The exploit led to the unauthorized sale of 600 million tokens worth $29 million on Uniswap. The attacker could potentially create 12 billion more tokens, but the exploited address has been blocked. Gala Games' CEO, Eric Schiermeyer, acknowledged the lack of internal controls that allowed the incident to occur. Despite the swift response in identifying and securing the exploit, GALA token prices dropped by nearly 20%. The team is cooperating with authorities to investigate the matter and recover the lost funds. Read more AI-generated news on: https://app.chaingpt.org/news