GALA Token Hack – 5 Billion Tokens Minted

A latest hack on the GALA token that minted billions of additional tokens has precipitated a stir within the Gala group. However the Gala group responded shortly, drafting a proposal to improve their token contract and steadiness out the token provide. This proposal has already handed, and we must always see the brand new token contract throughout the subsequent couple of days.

I don’t assume this was fairly what Gala Video games had in thoughts after they speak about Could Mayhem! Earlier this week, somebody with admin entry to the GALA token contract managed to mint 5 billion recent, new GALA tokens. They then bought a good portion of these tokens earlier than they have been caught and their pockets shut down!

In the mean time, it’s not solely clear if this was an inner hack, or a vulnerabilitiy within the contract or firm course of.

This hack resulted within the minting of 5 billion (sure, billion) GALA tokens, of which roughly 600 million have been bought netting a cool $20+ million for the hacker! However whereas 20 million sounds good, Gala has already contacted the FBI, the DOJ, and different such authorities. So the hacker might not have lengthy to take pleasure in their ill-gotten positive factors!

You may read the official announcement from Gala Games about the incident here.

Replace: Apparently the ETH from the sold tokens was recovered and is now converted back into GALA tokens.

No Worries! All is Properly!

As a repair for this situation, the Gala Video games group proposed to improve their current GALA token contract. This improve is not going to solely make the contract safer, however it’ll additionally embrace a burn of about 5 billion tokens (the identical precise quantity minted by the hacker), by sending them to a burn deal with.

The proposal was solely open for twenty-four hours. It has already handed a vote amongst those that personal Gala Video games Founder Nodes. Implementation ought to happen throughout the subsequent few days.

And although the hack was found shortly, the bleeding stopped, and a proposed answer already properly on its solution to being carried out, this incident does spotlight a few of the points with what continues to be a really new and ever-changing panorama of blockchain expertise. Not solely are sensible contract audits an vital a part of the house, however builders additionally want to verify and supply ample safety in opposition to malicious actors with entry to delicate capabilities (reminiscent of minting new tokens!).

And this isn’t the primary time Gala has run into points with their token. They already needed to create a wholly new token (Gala v2), as a consequence of inner disputes among the many group. And although the worth of the GALA token has already rebounded from this incident, a brand new bloody nostril for Gala Video games will not be going to assist the expansion and adoption of their blockchain ecosystem.

However, they did reply shortly, and so far as the typical consumer is aware of, nothing has actually modified.

What’s Gala Video games?

Gala Video games is a produce, developer, and blockchain ecosystem for web3 gaming. This contains in-house video games, in addition to partnerships with different builders. Their video games embrace Spider Tanks, Mirandus, Superior, City Star, and plenty of others. In addition they bought Ember Leisure, a cellular gaming firm, and have begun integrating NFTs into their current portfolio of cellular video games.

However Gala contains extra than simply video games. They’ve launched tasks for distributing Music and Movie as NFTs! Gala Video games additionally constructed their very own blockchain. This chain is named GalaChain (previously GYRI), and would be the future house for all Gala-related apps and video games.

Gala is a powerful proponent of distributed ecosystems. And so, to help that idea, they provide user-run server nodes for each their blockchain and for a lot of of their recreation as properly. And, after all, they’ve their very own token GALA, which is on the market on each the Ethereum community and on GalaChian.

To study extra about Gala Video games, comply with them on Twitter, be part of their Discord, and go to their website.