The crypto market has been an unpredictable journey for investors, and GALA, the native cryptocurrency of Gala Games, is no exception. In this blog post, we'll explore the dramatic price drop that GALA has experienced amidst a turbulent and prolonged crypto market slowdown. We'll also delve into the internal disputes between Gala Games' top executives and their impact on the token's value.

GALA Token's Price Plunge: A Harrowing 98% Loss

In the past 18 months, GALA has seen a staggering 98% decrease in its price. We'll examine the factors contributing to this sharp decline, including macroeconomic forces and market selloffs.

Internal Strife at Gala Games

The rift between Gala Games' top executives, Eric Schiermeyer and Wright Thurston, has made headlines. We'll uncover the allegations of misappropriation of funds and their impact on GALA's price.

Lawsuits and Accusations

Get a detailed insight into the lawsuits filed by Schiermeyer and Thurston against each other. Thurston's accusation of Schiermeyer "burning off" $600 million raises questions about the company's financial health.

GALA's Precarious Position

As the internal disputes came to light, GALA's price took a further hit, approaching its all-time low. We'll discuss the token's current price and its historical highs.

Investors' Dilemma

During bear markets, investors often accumulate tokens, but the internal strife within Gala Games has made GALA less appealing. We'll explore how the lack of trust and transparency affects prospective investors.

Trading Activity Amidst the Chaos

Despite the price drop, GALA has witnessed increased trade volume, with a 148% uptick in a 24-hour period. We'll analyze the implications of this trading activity on the token's market dynamics.

Market Cap and Beyond

We'll wrap up by examining GALA's current market cap and what the future may hold for this utility token in the wake of its tumultuous journey.

In Summary

The GALA token's rollercoaster ride in the crypto market, coupled with the internal disputes at Gala Games, has created an uncertain landscape for investors. While some may see opportunities in the token's recent trading activity, the allegations of mismanagement and lack of trust raise significant concerns about its long-term viability. As the crypto market continues to evolve, GALA's fate remains uncertain, and investors must tread carefully in this turbulent terrain.

#GALA #GalaGames $GALA

Gala Games CEO Eric Schiermeyer has confirmed that a "security incident" led to the unauthorized sale of 600 million GALA tokens, worth approximately $23 million. The breach, which Schiermeyer attributed to "messed up" internal controls, has raised significant concerns within the blockchain gaming community.
Incident Overview
On May 20, at 7:32 pm UTC, blockchain observers reported the minting of 5 billion GALA tokens, valued at around $200 million at the time. The compromised wallet was selling the tokens in batches, leading to a sharp drop in GALA's price. The token hit a 24-hour low of $0.038, a 20% decrease from its daily high, before recovering slightly to $0.041, according to CoinGecko.
“We had an incident that resulted in the unauthorized sale of 600 million GALA tokens and the effective burn of 4.4 billion tokens,” Schiermeyer wrote in a May 20 post on X (formerly Twitter). He admitted, “We messed up our internal controls. This shouldn’t have happened, and we are taking steps to ensure it doesn’t happen again.”
Response and Mitigation
Gala Games quickly identified the compromise and revoked unauthorized access to the GALA contract. Schiermeyer assured users that the Ethereum contract was secure and had not been compromised. The company believes it has identified the person responsible and is collaborating with the FBI, the U.S. Justice Department, and international authorities to address the incident.
In a follow-up post on X, Gala Games announced that the security breach had been contained and the affected wallet frozen. However, details about the perpetrator and the method of access to the GALA contract remain undisclosed.
Ongoing Legal Disputes
This security incident occurs amid ongoing legal battles between Schiermeyer and Gala Games co-founder Wright Thurston. Both have filed lawsuits against each other, with Thurston accusing Schiermeyer of squandering millions in company assets, while Schiermeyer alleges that Thurston stole $130 million worth of GALA tokens.
Gala Games did not respond to requests for additional comments.
The incident underscores the critical need for robust internal controls and security measures in the cryptocurrency and blockchain industries, as companies continue to navigate complex technological and legal landscapes.
$GALA #GALA #GalaGames #hack

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Huobi and Web3 gaming project Gala Games have announced that they will compensate victims of a hack on pNetwork that occurred last fall. The two companies have stated that they will be reimbursing victims with a total of $50 million in crypto and software licenses, with the compensation to be distributed within the next few weeks.

Huobi has pledged $25 million in compensation, consisting of $15 million in USDT and $10 million in equity. Gala Games has promised $25 million in node compensation. The reimbursement is intended for those who lost funds during the hack, which saw a large amount of GALA tokens dumped onto the market, causing the price to plummet.

The hack was eventually claimed by pNetwork, a cross-chain bridge project for the Binance Smart Chain. At the time, pNetwork had discovered a vulnerable pGALA pool on PancakeSwap and had taken it upon themselves to attack the vulnerability to prevent malicious actors from exploiting it. However, despite the attack being a “white hat” one, the failure to communicate this to the community resulted in significant losses for GALA holders.

The compensation is just one of the measures that Huobi and Gala Games are taking to address the issue from last year. In March, Gala Games filed a lawsuit seeking $27.7 million in damages from pNetwork. Huobi has now also announced its participation in the lawsuit in order to “recover losses, protect reputation, and benefit users.”

It is important to note that this incident highlights the risks associated with investing in cryptocurrencies and decentralized finance projects, as they are still largely unregulated and susceptible to hacks and other security breaches. While the compensation offered by Huobi and Gala Games is a positive step towards remedying the losses suffered by victims of the pNetwork hack, it also serves as a reminder to investors to exercise caution when investing in this emerging and volatile market.

#Huobi #pNetwork #GalaGames #GALA #azcoinnews

This article was republished from azcoinnews.com