đđ° Gala Games, a blockchain gaming provider, recently faced a shocking attack where $200M worth of its native GALA token was created and partially traded off. However, in a surprising turn of events, the attacker returned over $22M in Ethereum (ETH) to Gala Games just a day after the incident.
The attack saw 5 billion tokens minted by an unapproved entity, with 600 million of these sold off before the team could react. The remaining 4.4 billion tokens were frozen within 45 minutes of the team becoming aware of the issue, thanks to the new âGalaChainâs blocklist protocolâ feature.
The gaming platform plans to use the returned ETH to purchase back and burn the corresponding GALA tokens. Despite the incident, Gala Games assures users that their GALA Ethereum contract and GalaChain assets are secure.
This event highlights the pressing need for robust security measures within the cryptocurrency industry. Cybercriminals are increasingly targeting DeFi institutions and cryptocurrency services, making vigilance and advanced security protocols essential.
What are your thoughts on this incident? How can the crypto industry better safeguard against such attacks? Share your insights below! đđ
