Bittime -' blockchain gaming platform was hacked, resulting in the theft of $23 million worth of GALA tokens. CEO Eric Schiermeyer blamed weak internal controls and worked with the FBI and DOJ to prosecute the perpetrators.
Weak Internal Controls Trigger Token Theft
Gala Games, a leading blockchain gaming platform, fell victim to a major hack that resulted in the theft and sale of approximately $23 million worth of GALA tokens.
Check Today's Crypto Market:
This incident was confirmed by CEO Eric Schiermeyer, who called it the result of internal control weaknesses. Schiermeyer stated that Gala Games has taken immediate action by working with the Federal Bureau of Investigation (FBI), the United States Department of Justice (DOJ), and a network of international authorities to address the situation.
GALA Token Hack Chronology
On May 20, the crypto community reported the minting of 5 billion GALA tokens, worth approximately $200 million at the time. The responsible wallet quickly sold the tokens, successfully liquidating some of the stolen assets.
Also read: DERC Officially Changes Name to ZERC: New $ZERC Token Has Been Circulated
Secure Ethereum Smart Contracts
Despite the hack, Schiermeyer emphasized that the Ethereum smart contract used by Gala Games remains safe. However, specific details regarding the identity of the perpetrator or how they gained access to the GALA contract were not disclosed by Gala Games.
GALA Price Drops After Incident
Following the incident, the price of the GALA token experienced a decline, reaching a low of $0.039, or down 19% from the day's high. However, the token's value has since recovered and stabilized at around $0.041.
Also Read How to Buy Crypto:
Gala Games Internal Drama
This hack adds to the internal drama that Gala Games is currently facing. In September, Gala Games co-founders Eric Schiermeyer and Wright Thurston sued each other, accusing each other of infringement and misappropriation of millions of dollars in company assets.
Schiermeyer's lawsuit accuses Thurston and his investment entity, True North United, of unlawfully acquiring $130 million worth of GALA tokens. Thurston allegedly conducted fraudulent transactions, transferring, exchanging, or selling tokens without proper authorization.
Thurston, in his countersuit, accused Schiermeyer of mismanagement and embezzling company assets.
Both parties attempted to remove each other as directors of the company.
Conclusion
The hack experienced by Gala Games is a dark note for the blockchain gaming platform. Working with the FBI and DOJ, Gala Games seeks to prosecute the perpetrators and restore the community's trust.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way through 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.
Also read:
Last Mint of Azuki x Arbitrum NFTs!
LIDO (LDO) Price Prediction 2024-2028 According to CoinMarketCap: Will LDO Go Up?
Bitcoin Miners' Income Plummets! What Happens When BTC Falls Below $70,000?
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.
Comments
0 comments
Please sign in to leave a comment.