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Web3 gaming platform Gala Games loses over $200 million in potential exploit, GALA plummets 15%

Gala Games, a web3 gaming firm, appears to have suffered an exploit Monday, with someone minting 5 billion GALA tokens worth around $206 million, according to the blockchain explorer Etherscan.

Following the incident, GALA, the platform's native token, plummeted nearly 15% from $0.0467 at 3:00 p.m. ET (19:00 UTC) to $0.0397 at around 5:25 p.m. ET (21:25 UTC) on May 20, based on data from The Block's price page for the token.

Overall, the token's price fell 5.77% within the past day. GALA maintains a $1.7 billion market capitalization with a circulating supply of 40.6 billion.