coindesk.com
The native token of crypto gaming project Gala Games (GALA) fell sharply Monday amid fears of a major transfer of over $200 million worth of GALA tokens that traders feared was a hack.
On 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.
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.