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Gala Games Recovers $22 Million in ETH After $200 Million Token Exploit
Gala Games is a cryptocurrency gaming company that was victim of a cyber attack on May 20, 2024. An unauthorized user managed to mint and steal $200 million Worth of GALA tokens. The company acted quickly and froze the remaining stolen tokens to prevent further losses within 45 minutes of the breach.
However, in a twist, the attacker decided to return Ethereum (ETH) worth around $22 million on Tuesday morning. The company shared the news of the recovery via a blog post
Gala Games CEO Eric Schiermeyer stated that recovered ETH would likely be used to buy and burn even more GALA tokens, which could further increase the value of the token. Despite the anonymous nature of the hack, Gala Games wants to assure its community that it is working to improve security measures so that such an attack does not happen again.
“Gala is committed to maintaining the highest standards of safety and transparency. We will continue to provide updates as the investigation progresses and take all necessary steps to prevent future incidents,” the blog reads.
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