Gala Games CEO Eric Schiermeyer confirmed on Tuesday there was a “security incident” that resulted in the unauthorized sale of 600 million GALA tokens.
Gala Games’ CEO says “messed up” internal controls were to blame for a recent smart contract “security incident” that saw a hacker manage to steal and sell $23 million worth of its GALA token.
Earlier on May 20 at 7:32 pm UTC, Blockchain watchers reported that 5 billion GALA worth at least $200 million (price at the time) was minted, though the wallet responsible was selling the token in batches — managing to sell
Reports of the compromise saw GALA hit a 24-hour low of $0.038 — a 20% drop from its daily high just an hour earlier. It has since slightly recovered to $0.041, according to CoinGecko.
