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đŸ’” Gala Games Faces $200M Security Breach Gala Games, a blockchain gaming platform, has been struck by another security breach. Around $200 million worth of $GALA tokens were minted and systematically sold by a rogue Gala Games admin address. According to on-chain movements, tokens worth $200 million were being exchanged for ETH. More use of decentralized systems would help prevent such exploits. However, this is not actually the first security breach for GALA; back in 2021, the platform suffered a loss of $130 million. The scammers impersonated the Gala Games official X platform profile to promote a fake token migration event. Gala Games’ endless security breaches show the need for critical and secure security measures and, most importantly, the use of decentralized systems within the gaming industry to protect users and maintain trust. #GALA

đŸ’” Gala Games Faces $200M Security Breach


Gala Games, a blockchain gaming platform, has been struck by another security breach. Around $200 million worth of $GALA tokens were minted and systematically sold by a rogue Gala Games admin address. According to on-chain movements, tokens worth $200 million were being exchanged for ETH.

More use of decentralized systems would help prevent such exploits. However, this is not actually the first security breach for GALA; back in 2021, the platform suffered a loss of $130 million. The scammers impersonated the Gala Games official X platform profile to promote a fake token migration event.

Gala Games’ endless security breaches show the need for critical and secure security measures and, most importantly, the use of decentralized systems within the gaming industry to protect users and maintain trust.

#GALA

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đŸ€” Bitcoin Has Solid On-Chain Cushion Below $68,900: Stage Set For Fresh Rally? On-chain data shows Bitcoin could have significant support between $66,900 and $68,900, which may help provide solid ground for a fresh surge to higher levels. 🔾 A Large Amount Of Investors Bought Their Bitcoin Between $66,900 & $68,900 According to data from the market intelligence platform IntoTheBlock, BTC is currently floating above a major demand zone. In on-chain analysis, the strength of any support or resistance level is based on how much “demand” was present at it. Below is a chart that shows the various Bitcoin price ranges near the current spot value and how they compare in terms of the total amount of the asset the investors purchased. Here, the size of the dot correlates to the total number of tokens that were last acquired at the corresponding price range. It would appear that, out of these zones, the levels between $66,900 and $68,900 currently host the cost basis of the greatest amount of BTC. More than two million addresses have acquired 1.1 million BTC inside this range. Since the current BTC spot price is above these levels, all investors who buy there will make slight profits. Investor cost basis is important in the on-chain analysis because the level has special psychological significance. A potential retest of it can result in a flip of the profit-loss balance for the holder. As such, investors may be prone to making some moves when a retest like this takes place. A holder carrying losses before the retest (that is, the retest is happening from below) may be tempted to sell for fear that the price will go down in the future. On the other hand, an investor in the green before the retest may have reason to believe the price would go up again and, thus. When retests of price ranges thick with investors, one of these reactions may arise on a scale that could be relevant for the wider market, therefore, major demand zones below can act as support points, while those above can act as resistance blocks. $BTC #BTC #Bitcoin
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đŸ”„ Arbitrum (ARB) Faces Potential $1 Price Drop as Investors Sell Arbitrum (ARB) price is at risk of falling due to its failure to break a critical resistance level. Whether the price drops further depends on whether investors decide to sell for profit or hold onto their investments. Arbitrum (ARB) price is currently vulnerable to a correction despite overall positive market signals. This vulnerability stems from ARB’s inability to surpass a crucial resistance level. The extent of any potential decline largely depends on whether investors choose to take profits. If investors refrain from selling off their holdings, it could prevent further price drops for ARB. 🔾 ARB Investors Positioned to Influence Price Amid Favorable Selling Conditions Arbitrum (ARB) faces potential price fluctuations driven by investor actions in the near future. The Market Value to Realized Value (MVRV) ratio, currently at 10% over 30 days, indicates profitable conditions that may prompt selling activities. Historically, ARB corrections typically occur when the MVRV ranges between 7% and 23%, marking this range as a critical zone for potential market shifts. Moreover, the Global In/Out of the Money (GIOM) indicator suggests that 1.64 billion ARB tokens, valued at over $1.8 billion, are approaching profitability. Purchased within the $1.06 to $1.16 range, ARB’s current price of $1.13 is nearing the threshold where these holdings will yield profits. 🔾 Arbitrum (ARB) Faces Critical Support and Resistance Levels Arbitrum (ARB) is currently trading at $1.13, encountering resistance at $1.26 after failing to surpass this level. The altcoin has found support at $1.10, a level that has proven resilient in previous tests. Maintaining above $1.10 could signal potential for recovery, while a drop below it could indicate bearish sentiment ahead. Considering the current market dynamics, there is a possibility of ARB declining below the $1.10 support level. Further selling pressure may push it down to $0.97, potentially jeopardizing ARB’s position above $1.00. $ARB #ARB #Arbitrum
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