Coinpedia
BTC
$97,245
+2.5%
ETH
$3,642
+1.8%
BNB
$672
+3.2%
SOL
$248
+4.1%
XRP
$2.85
+5.3%
ADA
$1.24
+2.9%
DOGE
$0.42
+6.2%
LINK
$28.50
+1.5%
BTC
$97,245
+2.5%
ETH
$3,642
+1.8%
BNB
$672
+3.2%
SOL
$248
+4.1%
XRP
$2.85
+5.3%
ADA
$1.24
+2.9%
DOGE
$0.42
+6.2%
LINK
$28.50
+1.5%
News

Gala Games Recovers Stolen $23M: Will the “Buy and Burn” Strategy Work?

Elena R22 May 20242 min read

In a surprising twist, Gala Games has managed to regain a large chunk of the funds lost in last week’s hack, marking a crucial moment in the ongoing story of crypto security.

The person behind the breach, which resulted in the loss of nearly 5,950 ETH (valued at around $22.75 million), has returned to the scene, initiating a process of refunding. This follows a troubling security breach that initially caused losses of approximately $200 million in GALA tokens.

Exploiting a loophole in Gala Games’ internal systems, the attacker created a whopping 5 billion GALA tokens seemingly out of nowhere. Taking advantage of this newfound wealth, they quickly sold 600 million tokens on decentralized exchanges, netting roughly 6,000 ETH, equivalent to an astounding $21 million USD.

Now, here’s the story forward.

Gala Games’ CEO Takes Charge

Amidst the chaos, Gala Games’ CEO, Eric Schiermeyer, known as Benefactor, emerged as a beacon of hope for the community. Confirming the return of funds in the Gala Games Discord server, Schiermeyer outlined a visionary strategy called the “buy and burn” model.

This innovative plan involves using the refunded ETH to buy GALA tokens, then removing them from circulation to stabilize the token’s value.

DWF Labs to the Rescue: Working Together

Subsequently, Gala investor DWF Labs stepped in to buy 28 million GALA tokens to reduce the extent of selling in the market. This helped the token recover toward $0.045, albeit less than that observed before the hack incident.

Voting for Stability

Acknowledging concerns about Gala Games’ daily distribution practices, the project empowered its community through a node vote to determine the way forward. This transparent approach underscores Gala’s commitment to its stakeholders and its open business philosophy.

Despite the upheaval, Gala Games stands tall, having reclaimed a significant portion of the stolen funds and implemented strict measures to rebuild trust within the community.

Through collaborative efforts, innovative solutions, and steadfast commitment, investors unite to protect their investments and fortify the market against manipulation.

Also Check Out : Crypto Hack Report This Week: Analyzing Recent DeFi Hacks and Security Breaches

What do you think about Gala Games’ “buy and burn” strategy? Will it work? Let us know.

#Hack
ER
Elena R

Author

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

More in News

News

Kava Price Prediction 2029, 2027 – 2030: Will KAVA Price Shoot To $1?

Its unique co-chain architecture allows Ethereum Virtual Machine (EVM) compatibility alongside Cosmos SDK infrastructure, aiming to deliver high performance with low fees. Now that the KAVA token is trading near $0.045, investors are questioning whether Kava can see a comeback in the next cycle. Here is CoinPedia’s Kava (KAVA) price prediction for 2026, 2027, and 2030. KAVA …

Qadir AK·1d ago3 min

News

Kava Price Prediction 2029, 2027 – 2030: Will KAVA Price Shoot To $1?

Kava Network positions itself as a hybrid Layer-1 blockchain combining the developer flexibility of Ethereum with the speed and interoperability of Cosmos. Its unique co-chain architecture allows Ethereum Virtual Machine (EVM) compatibility alongside Cosmos SDK infrastructure, aiming to deliver high performance with low fees. Now that the KAVA token is trading near $0.045, investors are questioning whether Kava can …

Qadir AK·27 Aug 20261 min

News

XRP News Today: 44 Million Rakuten Pay Users Get Direct Access to XRP in Biggest Japan Rollout Yet

Bankless co-founder David Hoffman recently disclosed that he has sold his entire Ethereum holding, a move that caught the crypto community off guard, given that Hoffman spent years promoting the concept of ETH as money and was one of the ecosystem’s most recognisable voices Bankless co-founder David Hoffman recently disclosed that he has sold his entire Ethereum holding, a …

Qadir AK·19 Jun 20262 min