Ethereum

Token

Burn

Gala

Gala Games’ GALA token gets pumped after the company’s successful recovery of funds stolen in a security breach and a proposed large-scale token burn to stabilize the ecosystem.&nbsp; 
Gala was able to recover $22 million in Ethereum on <a href="https://www.cryptotimes.io/2024/05/22/gala-games-recovers-22m-after-200m-token-exploit/">Tuesday</a> after the attacker decided to return some of the funds. Gala Games CEO, Eric Sciermeyer suggested that the recovered ETH would be used to repurchase GALA tokens. Additionally, the film <a href="https://news.gala.com/galachain/governance-proposal-temporary-gala-token-contract-upgrade-and-token-burn/" target="_blank" rel="noopener">proposed </a>to burn around 4.4 billion more tokens. 
This token burn focuses on the fact that the GALA contract is set up as upgradable as well, to make this process as smooth as possible for users. 
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 Well done <a href="https://twitter.com/search?q=%24GALA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$GALA</a> team! Recap: Some jackass stole $22m They realized this was a REALLY bad plan, and returned $23m This was used to buy <a href="https://twitter.com/search?q=%24GALA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$GALA</a> and burn it. Here is one of the burns: <a href="https://t.co/OCBiEEh4EN" target="_blank">https://t.co/OCBiEEh4EN</a> Onwards and upwards. Looking forward to bringing more builders to… <a href="https://t.co/SeGE0VeAI2" target="_blank">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="noopener">May 22, 2024</a>
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The attack clearly shows the need for security enhancement within the Crypto market. Gala Games was able to quickly react to the attack and most interesting involved users throughout the incident. Although token burning is a debatable practice as it can lead to loss of token value, it seems important for regaining the trust of users. 
GALA token is currently trading at a price of $0.04611, with a 7.14% price increase as per Coinmarketcap stats&nbsp; 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/1777YazA2GZ05bPxQszT66f8VgQwHrCCxuMISuznKcfIEiuz0R-NZ1tqA-fwDLvppsrlAYslr0KuPA2yFgH28ibeLv-PDv5fAO5SYqXKI_-i85Q1cWkCs9JGSRvyJm2MWhDjoxfR1sb-4JHURwqt8Ms" alt="1777YazA2GZ05bPxQszT66f8VgQwHrCCxuMISuznKcfIEiuz0R NZ1tqA fwDLvppsrlAYslr0KuPA2yFgH28ibeLv PDv5fAO5SYqXKI i85Q1cWkCs9JGSRvyJm2MWhDjoxfR1sb 4JHURwqt8Ms">
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 Source: <a href="https://coinmarketcap.com/currencies/gala/" target="_blank" rel="noopener">Coinmarketcap&nbsp;</a>
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GALA Soars After Recovering Stolen Funds and Proposing Token Burn

The Crypto Times

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