Game-Focused Altcoin Suffers $200 Million Attack, Price Plunges 22%: Details on the Coin and Its Symbol

• The gaming and metaverse-focused cryptocurrency project Gala (GALA) was at the center of a $200 million attack.
• On May 20th, late in the evening, attackers managed to seize a total of 5 billion GALA, consolidating them all at a single address.
• “This isolated incident has been contained and the affected wallet has been frozen,” the Gala team stated approximately 5 hours after the attack.

Explore the recent $200 million attack on Gala (GALA), its impact on the cryptocurrency’s value, and the subsequent security measures.

Details of the Gala (GALA) Cryptocurrency Heist

During the late hours of May 20th, the Gala (GALA) project suffered a significant breach where attackers stole approximately $200 million worth of GALA tokens. This event saw the transfer of 5 billion GALA to a single address, identified as “0xe2ca471124b124831e231fb835778840ad100f97”. Subsequently, about $21 million worth of GALA was converted to Ethereum via Uniswap, marking a critical phase of the attack.

Market Reaction and Security Response

Despite the large amount stolen, the initial lack of communication from the Gala team contributed to a rapid decline in GALA’s price. It wasn’t until roughly five hours post-incident that the team addressed the security breach, announcing that the vulnerability had been managed and the affected wallet frozen. This communication helped stabilize the market somewhat, with GALA’s price recovering from $0.037 to $0.041, according to CoinGecko data.

Investigation and Future Security Measures

The Gala team is actively collaborating with law enforcement to identify the perpetrators behind the breach. The incident has prompted a thorough investigation into the cause and is likely to lead to enhanced security protocols for Gala and similar projects within the crypto ecosystem.

Conclusion

The recent security breach of Gala (GALA) serves as a critical reminder of the vulnerabilities existing in the crypto world. The incident not only highlights the importance of robust security measures but also the need for prompt communication from projects when such events occur. As the investigation continues, the crypto community awaits further details on how Gala will prevent future attacks.