{"id":420264,"date":"2024-05-21T01:33:14","date_gmt":"2024-05-21T00:33:14","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=420264"},"modified":"2024-05-22T00:15:43","modified_gmt":"2024-05-21T23:15:43","slug":"gala-games-exploited-for-200-million","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/gala-games-exploited-for-200-million\/","title":{"rendered":"Gala Games exploited for $200 million"},"content":{"rendered":"

An unknown attacker exploited the blockchain gaming project Gala Games on May 20 for approximately $200 million, according to reports.<\/p>\n

Solidity developer 0xquit said<\/a> the attacker minted 5 billion GALA tokens through an admin address, noting that an external hacker or rogue address owner could be responsible.<\/p>\n

0xquit stated that the attacker can mint 12 billion more tokens before reaching a cap. However, the exploited address is blocklisted, meaning that the attacker must gain access to another admin address before stealing or minting more tokens.<\/p>\n

The relevant transaction is reflected on Etherscan<\/a>. Gala Games has not yet commented.<\/p>\n

Price down<\/h2>\n

Molly White of Web3 Is Going Great argued that<\/a> the actual value of the attack is lower, as the attacker only swapped $21 million worth of GALA tokens to ETH before the address was frozen.<\/p>\n

White added that the attacker cannot sell the tokens without severely impacting the price.<\/p>\n

The latest incident has corresponded with rapid losses for the GALA token. The price fell from $0.048 to $0.038 in less than two hours, marking a drop of more than 20%.<\/p>\n

However, GALA's price has since partially recovered to $0.043 as of 12:04\u202fam UTC.<\/p>\n

Past incidents<\/h2>\n

Gala Games was previously exploited in a November 2021 incident that resulted in a loss of $130 million. Later, in 2023, the company founders entered a legal dispute<\/a> as co-founder Eric Schiermeyer alleged that fellow co-founder Wright Thurston carried out the theft.<\/p>\n

Gala Games also experienced a $1 billion exploit in November 2023, carried out by white hat hackers. Although the funds remained safe at the time, the incident caused concern and impacted GALA prices.<\/p>\n

The GALA token remains among the 70 largest crypto tokens by market cap, with a supply worth $1.56 billion, despite its numerous controversies.<\/p>\n","protected":false},"excerpt":{"rendered":"

An unknown attacker exploited the blockchain gaming project Gala Games on May 20 for approximately $200 million, according to reports. Solidity developer 0xquit said the attacker minted 5 billion GALA tokens through an admin address, noting that an external hacker or rogue address owner could be responsible. 0xquit stated that the attacker can mint 12 […]<\/p>\n","protected":false},"author":1403,"featured_media":420279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76844,16041],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nGala Games exploited for $200 million<\/title>\n<meta name=\"description\" content=\"An unknown attacker exploited the blockchain gaming project Gala Games on May 20 for approximately $200 million, according to reports.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/gala-games-exploited-for-200-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gala Games exploited for $200 million\" \/>\n<meta property=\"og:description\" content=\"An unknown attacker exploited the blockchain gaming project Gala Games on May 20 for approximately $200 million, according to reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/gala-games-exploited-for-200-million\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-21T00:33:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-21T23:15:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/05\/gala-hack.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Dalton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Dalton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/gala-games-exploited-for-200-million\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/gala-games-exploited-for-200-million\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#person\",\"name\":\"Mike Dalton\",\"url\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"caption\":\"Mike Dalton\"},\"jobTitle\":\"Former Journalist\",\"description\":\"Before transitioning to crypto writing in 2018, Mike studied library and information sciences. 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