2024

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Gala

Gala Games’ token, GALA, was a top gainer on Wednesday after funds from a recent security incident have been recovered and proposed to burn for the token’s stability. 
The GALA price surge comes after it released a report about the hack. The <a href="https://crypto.news/gala-games-suffers-200m-security-incident-over-internal-controls/" data-type="link" data-id="https://crypto.news/gala-games-suffers-200m-security-incident-over-internal-controls/" rel="">report</a> credits the security team’s effective response and the involvement of Federal law enforcement agencies. It said more than $20 million in Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="">ETH</a>) was returned to the ecosystem. 
Specifically, the team noticed a suspicious transfer of $200 million woth of <a href="https://crypto.news/price/gala/" data-type="link" data-id="https://crypto.news/price/gala/" rel="">GALA</a> tokens, but within 45 minutes all tokens in the unauthorized wallet were frozen. The team stopped additional unauthorized minting and movement of GALA, effectively mitigating the incident. 
Around 90% of the minted GALA was locked shortly after this event. 
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 Well done <a href="https://twitter.com/search?q=%24GALA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$GALA</a> team! Recap: Some jackass stole $22m They realized this was a REALLY bad plan, and returned $23m This was used to buy <a href="https://twitter.com/search?q=%24GALA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$GALA</a> and burn it. Here is one of the burns: <a href="https://t.co/OCBiEEh4EN" target="_blank" rel="">https://t.co/OCBiEEh4EN</a> Onwards and upwards. Looking forward to bringing more builders to… <a href="https://t.co/SeGE0VeAI2" target="_blank" rel="">https://t.co/SeGE0VeAI2</a>— Jason Brink aka BitBender (@BitBenderBrink) <a href="https://twitter.com/BitBenderBrink/status/1793284264014053571?ref_src=twsrc%5Etfw" target="_blank" rel="">May 22, 2024</a>
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 You might also like: <a href="https://crypto.news/white-house-objects-to-fit21-act/" rel=""> White House objects to FIT21 Act </a> 
To deal with the security incident, the organization has <a href="https://news.gala.com/galachain/governance-proposal-temporary-gala-token-contract-upgrade-and-token-burn/" data-type="link" data-id="https://news.gala.com/galachain/governance-proposal-temporary-gala-token-contract-upgrade-and-token-burn/" target="_blank" rel="">proposed</a> burning 4.4 billion GALA tokens, along with 600 million from the central Gala Treasury, to ensure the stability of the ecosystem. The 5 billion GALA will be permanently burned from circulation by sending them to a burn address. 
According to <a href="https://coinmarketcap.com/currencies/gala/" data-type="link" data-id="https://coinmarketcap.com/currencies/gala/" target="_blank" rel="">CoinMarketCap</a>, GALA’s price surged 20.6% to a peak of $0.04969 at 6:25 AM EDT. It currently sits at $0.04736, with a market capitalization increase of 6% to $1.67 billion and a 24% decrease in trading volume over the past 24 hours. 
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 24-hour price of GALA from CoinMarketCap
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 Read more: <a href="https://crypto.news/telegram-mini-apps-skyrocket-with-web3-games-adding-millions-of-users-daily/" rel=""> Telegram ‘mini apps’ skyrocket with web3 games adding millions of users daily </a>

GALA rockets after incident recovery, token burning proposal

crypto.news

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