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Gala

Gala Games is a crypto games company that fell victim to a hack on May 20th, 2024. An unauthorized user was able to mint and <a href="https://www.cryptotimes.io/2024/05/21/gala-games-faces-200m-security-breach/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/05/21/gala-games-faces-200m-security-breach/" rel="noreferrer noopener">steal $200m worth of GALA tokens</a>. The firm was quick to act and froze the remaining stolen tokens to prevent further loss within 45 minutes of the breach. 
However, in a twist of events, the attacker decided to return roughly $22 million worth of Ethereum (ETH) on Tuesday morning. The firm shared the recovery news via a <a href="https://news.gala.com/galachain/unauthorized-wallet-locked-down-in-record-time-funds-returned-as-security-measures-prove-effective/" target="_blank" rel="noreferrer noopener">blog post&nbsp;</a> 
Gala Games CEO, Eric Schiermeyer stated that the <a href="https://etherscan.io/tx/0x273c6b54fea8b0d616fb3270698dd4387ec3fefc7b0e290330b4019c35a984b1" target="_blank" rel="noreferrer noopener">recovered</a> ETH would probably be used to buy and burn even more GALA tokens, which might further push up the token’s value. Despite the anonymous nature of the hack, Gala Games want to assure their community that they are working to improve the safety measures so that such an attack would not happen again. 
“Gala is committed to maintaining the highest standards of security and transparency. We will continue to provide updates as the investigation progresses and take all necessary steps to prevent future incidents,” the blog reads.

Gala Games Recovers $22M ETH After $200M Token Exploit

The Crypto Times

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