Gala Games Debunk Rumors Of Alleged Hack After Token Plunges
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 […]
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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....
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....
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....
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....
Huobi claimed that calling the incident a white hat move was only pNetwork’s excuse to avoid legal sanctions. Days after GameFi project Gala Games and decentralized finance (DeFi) protocol pNetwork assured its community that everything was fine, crypto exchange Huobi Global came out with its version of the story, accusing pNetwork of earning a $4.5 million profit from the recent pGALA crash. On Nov. 3, a suspected attacker minted $2 billion worth of Gala tokens (GALA) on the Binance Smart Chain and dumped a portion of the tokens on PancakeSwap, earning a total of 12,977 Binance Coin (BNB),....