Gala Games hit by $200 million in possible inside job

A smart contract from Web3 gaming protocol Gala Games was allegedly exploited on Monday, with the hacker minting 5 billion units of the token $GALA, which roughly translates to $200 million.

The user identified as Quit shared on X that the address responsible for the exploit is an address with admin clearance level, which means it can arbitrarily commit some actions involving the smart contract.

According to on-chain data, the exploited were able to swap nearly $21 million to Ethereum ($ETH) before the ‘blocklist’ function of the contract was activated and he couldn’t sell more $GALA tokens. At the time of writing, the exploiter hadn’t moved the funds in $ETH outside his wallet.

Moreover, scammers started emulating the Gala Games official X profile to advertise a fake token migration event, changing characters from the user handle. However, there isn’t such an event, and users will likely lose their funds if they interact with the shared link.