Gaming Token Gala Stabilizes as Company Says Security Incident 'Contained'

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Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

fell sharply Monday amid fears of a major transfer of over $200 million worth of GALA tokens that traders feared was a hack, and then recoveredOn Monday, an unknown party minted 5 billion Gala tokens and proceeded to sell them on decentralized exchange Uniswap, according to blockchain explorers.

Gala Games representatives had not previously announced the activity nor did they offer a quick explanation in the project's Discord server, spurring fears that the mass mint and sell was a hack."It's important to note our ETH contract for $GALA is secure and under the protection of a multi-sig wallet. It was never compromised," he wrote."It's important to note our ETH contract for $GALA is secure and under the protection of a multi-sig wallet.

Schiermeyer said the company has been in touch with the FBI, U.S. Department of Justice, and a"network of international authorities." GALA's price sank as low as $0.039 in the aftermath, down 19% from the day's high set just over an hour earlier. It has since recovered, and stabilized at $0.042,in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

 

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