According to CoinDesk, the native token of the crypto gaming project Gala Games, known as GALA, experienced a significant drop in value on Monday. This was due to concerns over a major transfer of over $200 million worth of GALA tokens, which traders suspected could be a hack. An unidentified party minted 5 billion Gala tokens and subsequently sold them on the decentralized exchange Uniswap, as per blockchain explorers.
Gala Games representatives had not previously announced this activity, nor did they provide an immediate explanation on the project's Discord server. This lack of communication led to speculation that the mass minting and selling of tokens was a result of a hack. Following these events, the price of GALA dropped to as low as $0.039, a 19% decrease from the day's high, which was set just over an hour earlier.
