GALA Token Security Under Control After Nearly 5 Billion GALA Hack

Bittime - Shocking news comes from the Web3 gaming platform , Gala. According to a report by The Block on May 21, 2024, Gala was allegedly hacked and hackers managed to mint around 5 billion GALA tokens . This incident triggered a significant drop in the price of the GALA token. Allegedly, the hackers then converted the illegally printed GALA tokens into Ethereum.

Gala Games Team Quick Response After Gala Token Hack

However, in the latest development, the Gala Games team moved quickly to secure the situation. Through an official statement issued on May 21, 2024, they confirmed that the incident had been successfully controlled. They managed to freeze the affected wallets and address the cause of the security vulnerability.

Source: @GoGalaGames/X

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GALA Token Security Ensured

Gala Games confirmed that this was an isolated incident and the cause had been resolved. They are also working with law enforcement to investigate those responsible for the attack. A Gala Games spokesperson stated, "We will continue to provide updates as the investigation progresses."

Anticipatory Steps to Prevent Similar Incidents

Apart from investigating criminals, Gala Games also focuses on anticipatory steps to prevent similar incidents from recurring in the future. They stated that the team was working with the FBI and the United States Department of Justice to identify the perpetrators.

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Node Transparency and Voting

As a form of transparency, Gala Games will continue to provide the latest information regarding the development of the investigation. They also plan to conduct node voting regarding further processing of the issue. This shows Gala Games' commitment to involving the community in decision-making regarding platform security.

Conclusion

Even though there was a hack and a drop in token prices, the quick steps taken by the Gala Games team managed to control the situation. With the current guarantee of the security of the GALA token and their commitment to improving platform security, it is hoped that user trust can be restored.

However, GALA token owners still need to be careful because many individuals use this opportunity to spread dangerous phishing links. Make sure to cross check before rushing to access the link.

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How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements  of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.