Gala Games Hit by Hack, Suffering Estimated $200 Million in Losses

Gala Games, a leading Web3 gaming platform, has fallen victim to a devastating hack, resulting in an estimated loss of $200 million. According to reports, the hackers managed to breach the platform's wallet, minting 5 billion GALA tokens worth $200 million.

The hack has sent shockwaves through the cryptocurrency market, with the GALA token price plummeting by 15%. The Gala Games team has responded to the incident, stating that they have closed the security loophole and frozen the affected wallet.

However, the circumstances surrounding the hack remain unclear. Blockchain developer "Quit" has suggested that the exploit may have been an inside job, citing the ongoing feud between Gala Games' co-founders, Eric Schiermeyer and Wright Thurston. The two founders have been embroiled in a bitter dispute since summer 2023, with each filing lawsuits against the other in Utah's district court.

The dispute centers around the alleged theft of company-owned coins worth $130 million. The hack has raised concerns about the security and integrity of Gala Games' platform, as well as the potential for further breaches.

The incident serves as a stark reminder of the importance of robust security measures in the Web3 space. As the cryptocurrency market continues to evolve, it is crucial that platforms prioritize security and transparency to maintain the trust of their users.

In the aftermath of the hack, Gala Games has taken steps to mitigate the damage, but the incident has left many questions unanswered. As the investigation unfolds, it remains to be seen whether the hack was an isolated incident or part of a larger scheme.

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