GALA Token Hack – 5 Billion Tokens Minted

A current hack on the GALA token that minted billions of additional tokens has precipitated a stir within the Gala group. However the Gala group responded rapidly, drafting a proposal to improve their token contract and steadiness out the token provide. This proposal has already handed, and we must always see the brand new token contract throughout the subsequent couple of days.

I don’t suppose this was fairly what Gala Video games had in thoughts after they speak about Might Mayhem! Earlier this week, somebody with admin entry to the GALA token contract managed to mint 5 billion contemporary, new GALA tokens. They then offered a good portion of these tokens earlier than they have been caught and their pockets shut down!

In the intervening time, it’s not totally clear if this was an inside hack, or a vulnerabilitiy within the contract or firm course of.

This hack resulted within the minting of 5 billion (sure, billion) GALA tokens, of which roughly 600 million have been offered netting a cool $20+ million for the hacker! However whereas 20 million sounds good, Gala has already contacted the FBI, the DOJ, and different such authorities. So the hacker could not have lengthy to take pleasure in their ill-gotten positive aspects!

You may read the official announcement from Gala Games about the incident here.

Replace: Apparently the ETH from the sold tokens was recovered and is now converted back into GALA tokens.

No Worries! All is Nicely!

As a repair for this challenge, the Gala Video games group proposed to improve their present GALA token contract. This improve won’t solely make the contract safer, however it is going to additionally embody a burn of about 5 billion tokens (the identical precise quantity minted by the hacker), by sending them to a burn tackle.

The proposal was solely open for 24 hours. It has already handed a vote amongst those that personal Gala Video games Founder Nodes. Implementation ought to happen throughout the subsequent few days.

And although the hack was found rapidly, the bleeding stopped, and a proposed answer already nicely on its solution to being applied, this incident does spotlight a number of the points with what remains to be a really new and ever-changing panorama of blockchain know-how. Not solely are good contract audits an necessary a part of the area, however builders additionally want to ensure and supply sufficient safety towards malicious actors with entry to delicate capabilities (similar to minting new tokens!).

And this isn’t the primary time Gala has run into points with their token. They already needed to create a wholly new token (Gala v2), because of inside disputes among the many group. And although the worth of the GALA token has already rebounded from this incident, a brand new bloody nostril for Gala Video games will not be going to assist the expansion and adoption of their blockchain ecosystem.

However, they did reply rapidly, and so far as the common consumer is aware of, nothing has actually modified.

What’s Gala Video games?

Gala Games is a produce, developer, and blockchain ecosystem for web3 gaming. This consists of in-house video games, in addition to partnerships with different builders. Their video games embody Spider Tanks, Mirandus, Superior, Town Star, and lots of others. Additionally they bought Ember Leisure, a cellular gaming firm, and have begun integrating NFTs into their present portfolio of cellular video games.

However Gala consists of extra than simply video games. They’ve launched initiatives for distributing Music and Film as NFTs! Gala Video games additionally constructed their very own blockchain. This chain known as GalaChain (previously GYRI), and would be the future dwelling for all Gala-related apps and video games.

Gala is a robust proponent of distributed ecosystems. And so, to assist that idea, they provide user-run server nodes for each their blockchain and for a lot of of their sport as nicely. And, after all, they’ve their very own token GALA, which is on the market on each the Ethereum community and on GalaChian.

To be taught extra about Gala Video games, observe them on Twitter, be part of their Discord, and go to their website.