Gala Games Hit by $23 Million Token Exploit Due to ‘Messed Up’ Internal Controls
Gala Games, a prominent blockchain gaming platform, experienced a significant security breach that resulted in the unauthorized sale of 600 million GALA tokens, valued at $23 million. CEO Eric Schiermeyer confirmed that the incident was attributed to inadequate internal controls.
The exploit occurred on May 20 at 7:32 pm UTC when a hacker accessed a Gala Games admin address. This access enabled the attacker to mint 5 billion new GALA tokens worth approximately $200 million. The attacker then sold 600 million of these newly minted tokens on the decentralized exchange Uniswap.
Notably, this breach is not Gala Games’ first encounter with security issues. In 2021, the company lost $130 million in a similar exploit .
.@poweredbygala hacked?
seems like someone minted 5B tokens ~1 hour ago, valued at ~$220M
has been dumping in batches of 100 ETH on @0xProject, address is currently sitting on ~4.6K ETHhttps://t.co/08D4qAd0lk pic.twitter.com/A63jxhESlW
— devops199fan
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