Gala Games hit by $200 million in possible inside job

A sensible contract from Web3 gaming protocol Gala Video games was allegedly exploited on Monday, with the hacker minting 5 billion items of the token GALA, which roughly interprets to $200 million.

Transaction that minted 5 billion items of GALA. Picture: Etherscan

The consumer recognized as Stop shared on X that the deal with answerable for the exploit is an deal with with admin clearance degree, which suggests it could actually arbitrarily commit some actions involving the good contract.

Based on on-chain information, the exploited had been capable of swap practically $21 million to Ethereum (ETH) earlier than the ‘blocklist’ perform of the contract was activated and he couldn’t promote extra GALA tokens. On the time of writing, the exploiter hadn’t moved the funds in ETH exterior his pockets.

Furthermore, scammers began emulating the Gala Video games official X profile to promote a pretend token migration occasion, altering characters from the consumer deal with. Nonetheless, there isn’t such an occasion, and customers will probably lose their funds in the event that they work together with the shared hyperlink.

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