GALA GAMES’ $212 MILLION HACK UNVEILS CORE ADVANTAGE OF THIS DEFI PLATFORM
It’s no news that Gala Games recently suffered a security breach. Many cryptocurrency holders suggest it’s an inside job, while others speculate it’s a rogue hacker.
Nonetheless, this incident has caused Gala Games to lose $212 million due to the unauthorized selling and minting of its native token, GALA.
While this DeFi trading platform deals with this security issue, the token has experienced a significant price dump. This is unsurprising as investors joined Gala Games to maximize its profits.
However, with the recent security incident, its stakeholders want a Defi platform like RCO Finance (RCOF) that would use blockchain technology to safeguard against fraud. Let’s see how this hack emphasizes the need for DeFi trading platforms to offer innovative financial products and services.
Unraveling the Gala Games Hack
Gala Games is a Defi platform that offers several video games and enables users to access crypto assets and NTFs. It features the GALA token, which players can use to purchase and sell in-game assets.
On May 20th, a massive amount of 5 billion GALA tokens emerged out of nowhere. The hacker immediately sold over 600 million of these tokens on multiple decentralized exchanges, amassing $21 million.
Gala Games swooped in under an hour by freezing the responsible wallet. This would prevent the hacker from further selling the unauthorized tokens.
Although the Defi platform collaborates with law enforcement authorities to rectify the situation, the damage has already been done.
After the incident, Gala Games witnessed a 20% decline, dipping as low as $0.039. This also propelled its trading volume to drop to $875.93 million.
Gala Games Scrambles to Maintain Its Reputation
Gala Games token’s value has risen by 19.48% within the last 24 hours and is currently trading at $0.04933. Its trading volume has also experienced an uptick and is valued at $746 million.
This recovery is thanks to investors like DWF Labs ..
