HomeNFT Web3 Gaming NewsGALA Games Hacked for $200 Million+ - Funds Returned!

GALA Games Hacked for $200 Million+ – Funds Returned!


Multiple sources are reporting that $ crypto gaming token may have been hacked for 5,000,000,000 tokens in what might be a mint or inflation bug.

Update – 5/21/24 – The funds have been recovered:

It was initially reported as a treasury hack but that may not be the case according to new reports.

The token began to sell off immediately on the news, at the same time rumors of the Ethereum ETF were hitting the news.

Inflation bugs are one of the worst bugs that can happen to a cryptocurrency, with one even being discovered on just a few years ago. A Bitcoin Cash developer responsibly disclosed the bug.

Richard Heart has an enormous thread documenting all the times this has happened in crypto.

This may have been a hack waiting to happen on price appreciation, which happened due to the ETH ETF news.

This story will be updated as news unfolds.

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