Gala Games Recovers $23M Stolen By Hacker, Plans Token Buyback Program
In a recent security incident, Gala Games, a Web3 gaming company, fell victim to an exploit that led to the unauthorized minting of 5 billion tokens, equivalent to approximately $214 million. The hacker behind the breach subsequently sold 592 million GALA tokens, amounting to $21.8 million in value, as blockchain analysis firm Lookonchain confirmed. CEO Of Gala Games Takes Responsibility For Breach Gala Games responded to the breach, assuring the community via social media platform X (formerly Twitter) that the security incident involving the GALA token had been contained and that the....
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Amid several difficulties and financial crises in the crypto industry, the value of Gala Games’ native token, GALA, dropped 90%. Community members are speculating the cause of this massive decline is hack exploitation. Some revealed rumors of a billion-dollar rug pull. However, Gala Games debunked the rumors saying all is well. Gala Games is a […]
Gala Games said the unusual activity of its pGALA token was actually part of efforts to safeguard it from potential attack. Blockchain gaming company Gala Games urged its community for calm after misplaced fears of a multi-billion dollar rug pull or hack caused the GALA token to temporarily crash 25.6%.The initial panic, which Gala Games later implied was unfounded, came after a single wallet address appeared to mint over $2 billion GALA tokens out of thin air — which was flagged by blockchain security firm PeckShield on Nov. 3.Fears that the unusual activity was a sign of an exploit or....
A new gaming platform by Gala Games combines development, play-to-earn and a gaming store in one spot. Crypto games that combine play-to-earn (P2E) and nonfungible token (NFT) mechanics found a huge boost in 2021, thanks to the success of Axie Infinity and metaverse hype. However, playability still remains a major problem, as most crypto games focus on tokenomics rather than providing a fun and enjoyable gaming experience. Apart from the earning aspect, they often offer nothing special compared to traditional PC or console video games, where players can find interesting plots, nice visual....
Web3 and blockchain gaming firm Gala Games partnered with Animoca Brands to boost its native token. The companies joined forces to develop the altcoin and enhance users’ experience. Nonetheless, GALA has faced a 6.7% price decline following the news. Related Reading: FET Drops 9% As ASI Token Merger Phase 1 Kicks Off Gala Games To Boost User Experience On Wednesday, Gala Games announced its partnership with Hong Kong-based game software and Venture Capital company. The collaboration aims to enhance the token experience for users. The Web3 and blockchain gaming platform focuses on video....
PRESS RELEASE. Nexo, the leading regulated digital financial institution with over $2 billion in assets under management, today announced the details of its buyback program. The company’s Board of Directors approved an initial repurchase of $12 million of its NEXO Token on an open-market principle, with the decision coming into force with immediate effect. Part of the company’s recently launched tokenomics overhaul Nexonomics, the move seeks to further boost the value of the NEXO Token, which marked a 160% price increase since the campaign’s launch in late October. The....