Gala Games exploiter returns $22 million from GALA token attack
On Monday, an attacker minted GALA tokens worth $200 million, but managed to sell only a portion of them. He just returned it.
Gala Games has received around $22 million in Ether ETH tickers down $3,789 from the person responsible for a May 20 "security incident" in which Gala was worth $200 million GALA tickers down $0.04 $ tokens were minted and a small portion was sold before the wallet was frozen.
On May 21, the attacker's wallet returned 5913.2 ETH worth $22.3 million, close to the market value of the 600 million GALA they sold a day earlier.
Gala said in a May 21 blog post that ETH's return came after the team's "quick and effective response and involvement from federal law enforcement agencies."
Gala said it used a new “GalaChain blocklist protocol” feature to effectively freeze 4.4 billion GALA of the 5 billion minted in 45 minutes.
Gala co-founder and CEO Eric Schiermeyer said in a May 20 post on X and Discord that the alleged attacker had been identified, including "his home address."
Gala Games has not publicly confirmed the identity or method of the exploit, but some community members claim that Gala had said the attack was from a security contractor who made a mistake after connecting to the wallet without a VPN.
Schiermeyer said in a Discord post that the team will likely buy back and burn the equivalent GALA tokens using the returned ETH.
"I don't see anything else we should do with ethics," Schiermeyer wrote. “We will probably buy and burn on galaswap.”
On Monday, an attacker minted GALA tokens worth $200 million, but managed to sell only a portion of them. He just returned it.
Gala Games has received around $22 million in Ether ETH tickers down $3,789 from the person responsible for a May 20 "security incident" in which Gala was worth $200 million GALA tickers down $0.04 $ tokens were minted and a small portion was sold before the wallet was frozen.
On May 21, the attacker's wallet returned 5913.2 ETH worth $22.3 million, close to the market value of the 600 million GALA they sold a day earlier.
Gala said in a May 21 blog post that ETH's return came after the team's "quick and effective response and involvement from federal law enforcement agencies."
Gala said it used a new “GalaChain blocklist protocol” feature to effectively freeze 4.4 billion GALA of the 5 billion minted in 45 minutes.
Gala co-founder and CEO Eric Schiermeyer said in a May 20 post on X and Discord that the alleged attacker had been identified, including "his home address."
Gala Games has not publicly confirmed the identity or method of the exploit, but some community members claim that Gala had said the attack was from a security contractor who made a mistake after connecting to the wallet without a VPN.
Schiermeyer said in a Discord post that the team will likely buy back and burn the equivalent GALA tokens using the returned ETH.
"I don't see anything else we should do with ethics," Schiermeyer wrote. “We will probably buy and burn on galaswap.”
