crypto.news
Gala Games’ token, $GALA, was a top gainer on Wednesday after funds from a recent security incident have been recovered and proposed to burn for the token’s stability.
The $GALA price surge comes after it released a report about the hack. The report credits the security team’s effective response and the involvement of Federal law enforcement agencies. It said more than $20 million in Ethereum (ETH) was returned to the ecosystem.
Specifically, the team noticed a suspicious transfer of $200 million woth of $GALA tokens, but within 45 minutes all tokens in the unauthorized wallet were frozen. The team stopped additional unauthorized minting and movement of $GALA, effectively mitigating the incident.
Around 90% of the minted $GALA was locked shortly after this event.
Well done $GALA team!
— Jason Brink aka BitBender (@BitBenderBrink) May 22, 2024
Recap:
Some jackass stole $22m
They realized this was a REALLY bad plan, and returned $23m
This was used to buy $GALA and burn it.
Here is one of the burns: https://t.co/OCBiEEh4EN
Onwards and upwards. Looking forward to bringing more builders to… https://t.co/SeGE0VeAI2
To deal with the security incident, the organization has proposed burning 4.4 billion $GALA tokens, along with 600 million from the central Gala Treasury, to ensure the stability of the ecosystem. The 5 billion $GALA will be permanently burned from circulation by sending them to a burn address.
According to CoinMarketCap, $GALA’s price surged 20.6% to a peak of $0.04969 at 6:25 AM EDT. It currently sits at $0.04736, with a market capitalization increase of 6% to $1.67 billion and a 24% decrease in trading volume over the past 24 hours.
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