Cryptocurrency

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 <p class="is-style-lead">A recent GALA token contract address upgrade opened a loophole for hackers, targeting crypto exchanges with old tokens.</p> 
 <p>Cryptocurrency exchanges are at risk of fake top-ups with old GALA tokens as the project’s recent upgrade generated a new contract address for the token.</p> 
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  <img decoding="async" width="1259" height="333" src="https://cdn.thebittimes.com/images/2023/09/13/7445b13113d38f26184529dd9230ec3f.webp" alt="Hackers spam crypto exchanges with fake GALA tokens - 1" class="wp-image-14194302"> 
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    GALA token balance on Coinhub. Source: X 
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 <p>According to an X (formerly Twitter) thread published by a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> security researcher X-explore, there are now two <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> in circulation called GALA, with the price ratio between “old Gala” and “new Gala” set at 1:12.</p> 
 <p>The researcher noted hackers had already noticed this flaw and exploited it on Sept. 6 by withdrawing “all GALA” from Coinhub, a Mongolian crypto exchange. As of press time, the exchange made no public statement on the matter.</p> 
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 <p>X-explore said the hacker has been depositing the old GALA tokens on various crypto exchanges since July 27 to test fake top-ups. It is unclear how many other trading platforms are vulnerable to this attack.</p> 
 <p>The researcher says fake deposits have always been a “very important security issue” for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="exchanges" href="https://thebittimes.com/tag/exchanges.html">exchanges</a>, urging platforms to check whether the address of the <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> supporting deposits needs to be updated and whether the logic of judging the assets on account of deposits is wrong.</p> 
 <p>Earlier, analysts at SlowMist also alarmed the crypto community about a “known operational issue” in the LDO Token contract, saying the flaw has already been exploited on trading platforms without naming them. X-explore claims the hackers who have been trying to trick exchanges with the old GALA tokens were also involved in the LDO false top-ups and the Nomad Bridge attack last August 2023.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/hackers-spam-crypto-exchanges-with-fake-gala-tokens-tbt62558.html">https://thebittimes.com/hackers-spam-crypto-exchanges-with-fake-gala-tokens-tbt62558.html</a></p>

Hackers spam crypto exchanges with fake GALA tokens

TheBitTimes

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