Gala Games Recovers $23M Stolen By Hacker, Plans Token Buyback Program
Summary
Gala Games experienced a security breach resulting in the unauthorized minting and sale of 592 million GALA tokens, valued at $21.8 million. CEO Eric Schiermeyer took responsibility, disclosing the breach and the subsequent burning of 4.4 billion tokens. The company assured stakeholders of the security of the Ethereum contract and collaboration with law enforcement. DFW Labs purchased 28 million GALA tokens to stabilize their value after a drop to $0.037, bringing the current trading price to $0.0431. Gala Games proposed a node vote to address concerns about daily distribution, emphasizing a community-driven approach.
