Gala Games Hacker Returns $23M in ETH; Founder Proposes 'Buy and Burn'
Summary
Gala Games, a blockchain gaming platform, has received nearly $23 million in ETH tokens from a hacker who exploited the platform's internal controls to mint 5 billion new GALA tokens. The hacker sold 600 million of these tokens on decentralized exchanges, acquiring nearly 6,000 ETH tokens. The wallet associated with the hack transferred all its ETH to a wallet controlled by Gala Games. The company's CEO, Eric Schiermeyer, stated that they plan to use the ETH to buy GALA tokens and remove them from circulation. The hacking incident caused GALA's price to drop by 19%. Gala Games is currently working with the FBI, DOJ, and international authorities to address the issue.
