- Gala Games was hit by a $200 million hack, causing significant disruption in the crypto market.
- Swift action by GALA led to most of the funds being recovered, frozen, or burned.
- Last week marked the anniversary of Laszlo Hanyecz's 2010 purchase of two pizzas for 10,000 Bitcoin.
- The pizzas would now be worth $700 million, showcasing Bitcoin's dramatic growth.
- The SEC has approved spot Ethereum ETFs.
- This decision is seen as a major milestone for global crypto adoption.
- Kabosu, the Shiba Inu dog featured in the Dogecoin logo, passed away last week.
- Kabosu's legacy continues to influence the crypto community.
The previous week was one of the most eventful in the crypto market this year, highlighted by the long-awaited approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC).
A significant incident was the $200 million hack on Gala Games. The attacker exploited a smart contract vulnerability, minting 5 billion GALA tokens, resulting in a drastic price drop. The attacker sold a portion of the stolen tokens on Uniswap before the remaining tokens were frozen. Despite the chaos, Gala Games' CEO assured investors that most of the stolen funds were either frozen, burned, or returned, with the FBI's involvement leading to the return of approximately $22 million.
The crypto community also celebrated Bitcoin Pizza Day, commemorating the historic 2010 purchase of two large Papa John’s pizzas for 10,000 bitcoins by Laszlo Hanyecz. This transaction is one of the earliest known uses of Bitcoin in a real-world purchase. Today, those 10,000 bitcoins are worth about $700 million, showcasing Bitcoin's remarkable growth over the past 14 years.
The SEC's approval of eight spot Ethereum ETFs marked a milestone for the crypto industry. Asset managers like VanEck, Fidelity, BlackRock, and Grayscale received the green light to offer these ETFs, significantly boosting Ethereum's price. This development represents a major step towards global crypto adoption, attracting more institutional and individual investors.
In more somber news, Kabosu, the Shiba Inu dog behind the iconic Dogecoin logo, passed away at 18. Adopted in 2008 by Atsuko Sato, Kabosu's image became synonymous with Dogecoin, a leading memecoin with a substantial market cap. Kabosu's legacy as a beloved crypto icon endures, with Sato expressing her heartfelt sentiments on her blog.
These events, ranging from significant hacks to historic celebrations and regulatory milestones, made last week an exceptionally notable period for the crypto market.
#GALA #BTCPizza #BitcoinPizza #SEC #ETHETF