GALA Token Hack: 5B Tokens Minted

The recent hack on the GALA token that minted billions of extra tokens has brought some chaos to the Gala community. However, the Gala team responded swiftly by proposing an upgrade to their token contract to balance out the token supply. This proposal has already been approved and the new token contract should be implemented in the next few days.

The hack involved someone with admin access to the GALA token contract who was able to create 5 billion new GALA tokens. A significant portion of these tokens were then sold before the hacker was caught and their wallet shut down. The hacker made off with over $20 million from the sale of these tokens.

While the exact details of the hack are still unclear, Gala Games has taken swift action by contacting law enforcement agencies and recovering the Ethereum from the sold tokens. The funds have been converted back into GALA tokens and security measures have been proven effective in this incident.

The Gala Games team proposed a solution to the issue by upgrading their existing token contract. This upgrade will not only enhance the security of the contract but also involve burning about 5 billion tokens to compensate for those minted by the hacker. The proposal was quickly approved by Gala Games Founder Nodes and implementation is expected to happen in the coming days.

Despite this setback, Gala Games remains a strong player in the blockchain gaming ecosystem. They offer a range of in-house games and partnerships with other developers, as well as initiatives in music and film NFTs. Gala Games also built their own blockchain, GalaChain, which will host all Gala-related apps and games in the future.

The recent hack may have caused a temporary disruption, but Gala Games' proactive response and commitment to enhancing security measures demonstrate their dedication to the safety and integrity of their ecosystem. As the blockchain technology landscape evolves, incidents like these serve as a reminder of the importance of robust security measures and continuous vigilance.

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