The
native
token
of
crypto
gaming
project
Gala
Games
(GALA)
fell
sharply
Monday
amid
fears
of
a
major
transfer
of
over
$200
million
worth
of
GALA
tokens
that
traders
feared
was
a
hack,
and
then
recovered
after
the
company
said
the
security
incident
had
been
“contained
and
the
impacted
wallet
has
been
frozen.”
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On
Monday,
an
unknown
party
minted
5
billion
Gala
tokens
and
proceeded
to
sell
them
on
decentralized
exchange
Uniswap,
according
to
blockchain
explorers.
Gala
Games
representatives
had
not
previously
announced
the
activity
nor
did
they
offer
a
quick
explanation
in
the
project’s
Discord
server,
spurring
fears
that
the
mass
mint
and
sell
was
a
hack.
Eric
Schiermeyer,
Gala
Games’
CEO
who
also
goes
by
the
handle
Benefactor,
said
in
a
post
on
X
that
the
company
“identified
the
compromise
and
within
45
minutes
we
secured
and
removed
unauthorized
access
to
the
$GALA
contract.”
“It’s
important
to
note
our
ETH
contract
for
$GALA
is
secure
and
under
the
protection
of
a
multi-sig
wallet.
It
was
never
compromised,”
he
wrote.
“It’s
important
to
note
our
ETH
contract
for
$GALA
is
secure
and
under
the
protection
of
a
multi-sig
wallet.
It
was
never
compromised.”
Schiermeyer
said
the
company
has
been
in
touch
with
the
FBI,
U.S.
Department
of
Justice,
and
a
“network
of
international
authorities.”
GALA’s
price
sank
as
low
as
$0.039
in
the
aftermath,
down
19%
from
the
day’s
high
set
just
over
an
hour
earlier.
It
has
since
recovered,
and
stabilized
at
$0.042,
according
to
CoinGecko
data.
UPDATE
(May
21,
01:56
UTC):
Updates
story
with
a
statement
from
Gala
Games,
Eric
Schiermeyer.
Updates
price.