Gala Community Submits Proposal to Increase Contract and Destroy $4.4 Billion Worth of GALA Tokens

Bittime -  The Gala community has just launched a governance proposal to upgrade the GALA contract and destroy or burn $4.4 billion worth of GALA tokens . Check out the details of the proposal in this article!

Gala Launches Proposals to Improve Security and Stability

The proposal was submitted based on recent security incidents that resulted in the unauthorized minting and sale of approximately $600 million of GALA tokens and the permanent locking of approximately $4.4 billion of tokens. 

This proposal aims to officially destroy approximately $4.4 billion of GALA tokens. The tokens destroyed came from approximately 600 million tokens originating from the central Gala Treasury, to ensure the stability and sustainability of the ecosystem.

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Proposal Details

In addition to token destruction, this proposal also includes:

• Enhancement of the GALA contract to include a permanent and explicit destruction mechanism for the same number of illegal tokens, both unauthorized minted and illegally obtained according to law enforcement.
• Improved contract security features to prevent unauthorized access or future security breaches.

No Token Migration Required

Due to the upgradeable nature of the GALA contract, the proposed changes do not require replacement or relisting on exchanges and can be implemented without impacting all GALA token users.

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Conclusion

This proposal shows the Gala community's commitment to building a safe and sustainable ecosystem for its users. By implementing the proposed measures, Gala can overcome the consequences of the latest security incident and continue its growth in the future.

General Questions About Gala

1. Gala includes which coins?

Gala Coin (GALA) is a type of crypto token that functions as a utility token in the Gala Games ecosystem. Gala Coin operates on a blockchain network, which is usually based on Ethereum (ERC-20).

2. What field does Gala Coin operate in?

Gala Coin (GALA) operates in the blockchain-based video games and digital entertainment industry.

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Also read:

GALA Token Security Under Control After Nearly 5 Billion GALA Hack

GALA Soars, This is the Impact of Gala Games on the Blockchain Game Industry

Gala Games Exploit: Developer Urges Token Holders to Switch to V2 Contract 

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.