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$GALA Token Faces $200 Million Security Breach.
In a startling turn, the blockchain-based gaming platform Gala Games fell victim to a significant security breach, leading to the unauthorized minting of 5 billion GALA tokens, cumulatively valued at over $200 million.
This incident, which unfolded on May 20, 2024, exposed the fragility of decentralized systems and the dire need for robust security measures.
The exploit was first identified by a Solidity developer known as 0xquit, who reported that a compromised or rogue admin address was used to mint the tokens.
His revelation pointed toward the possibility of an internal security lapse or an external intrusion from a group of attackers. The attackerâs potential to create an additional 12 billion tokens was thwarted when the exploited address was blacklisted, effectively preventing any further unauthorized actions from that address.
In response to the breach, the Gala Games team acted swiftly to blacklist the hackerâs address, halting the sale of more tokens and limiting the damage.
The CEO of Gala Games, Eric Schiermeyer, took to social media to express his distress over the incident, acknowledging the failure in internal controls and assuring that steps were being taken to prevent future occurrences.
Schiermeyer stated, âWe messed up our internal controls. This shouldnât have happened, and we are taking steps to ensure it doesnât happen again. We believe we have identified the culprit, and we are currently working with the FBI, DOJ, and a network of international authorities.
Check the replies section to join our growing community as we help you power up your crypto journey.
#BTC #BinanceLaunchpool #buythedip #altcoins #pizzaday
In a startling turn, the blockchain-based gaming platform Gala Games fell victim to a significant security breach, leading to the unauthorized minting of 5 billion GALA tokens, cumulatively valued at over $200 million.
This incident, which unfolded on May 20, 2024, exposed the fragility of decentralized systems and the dire need for robust security measures.
The exploit was first identified by a Solidity developer known as 0xquit, who reported that a compromised or rogue admin address was used to mint the tokens.
His revelation pointed toward the possibility of an internal security lapse or an external intrusion from a group of attackers. The attackerâs potential to create an additional 12 billion tokens was thwarted when the exploited address was blacklisted, effectively preventing any further unauthorized actions from that address.
In response to the breach, the Gala Games team acted swiftly to blacklist the hackerâs address, halting the sale of more tokens and limiting the damage.
The CEO of Gala Games, Eric Schiermeyer, took to social media to express his distress over the incident, acknowledging the failure in internal controls and assuring that steps were being taken to prevent future occurrences.
Schiermeyer stated, âWe messed up our internal controls. This shouldnât have happened, and we are taking steps to ensure it doesnât happen again. We believe we have identified the culprit, and we are currently working with the FBI, DOJ, and a network of international authorities.
Check the replies section to join our growing community as we help you power up your crypto journey.
#BTC #BinanceLaunchpool #buythedip #altcoins #pizzaday
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