Gala games’ native token, GALA turned out to be one of the biggest gainers of the day, and that too after witnessing a major hack event. GALA price jumped by big 20% in the last 24 hours. This comes in when Gala Games reported that the funds from the recent security incident have been recovered. It added that it will be using GalaSwap to convert the Ethereum back to its native token.
GALA recovery shoots prices
Gala price surge comes in after it dropped a report over the hack happened. It mentioned its security team’s effective response and the involvement of Federal law enforcement agencies. It added that more than $20 million in Ethereum has been returned to the ecosystem.
The gaming ecosystem recently saw a security incident involving $GALA on the Ethereum network. Their team detected a suspicious transfer of $200 million in $GALA tokens. However, within 45 minutes, all tokens in the unauthorized wallet were frozen.
It mentioned that this was an isolated incident on the Ethereum network. Their team halted further unauthorized minting and movement of $GALA effectively mitigating the incident. Soon after this event, around 90% of the minted $GALA was locked.
Burn the tokens
In order to deal with the security incident that led to the unauthorized minting and sale of 600 million $GALA tokens and a permanent locking of 4.4 billion tokens, the organization has proposed aims to formalize the burn of these $GALA tokens. This includes as well as 600 million tokens from the central Gala Treasury. It is done to ensure the stability of the ecosystem.
It highlighted the token burn which will permanently remove 5 billion $GALA tokens from circulation by sending them to a burn address.
GALA price is up by 78% in the last 90 days. It is up trading at an average price of $0.047, at the press time. Its 24 hour trading volume is down by 7% to stand at $792 million. Its market cap stands at $1.68 billion.
The recent proposal will immediately commence development of the upgraded contract upon approval of this proposal. Schedule the contract upgrade and token burn to be completed within the next 72 hours.
The voting will be open for a period of 24 hours from the moment of the proposal announcement. A simple majority of 51% of votes will be required to pass this proposal.
