The co-founder of Gala (GALA), Eric Schiermeyer, is revealing the genesis of an exploit that led to the loss of crypto assets worth millions of dollars on the blockchain-based gaming platform.

Schiermeyer says that a security incident triggered the “unauthorized SALE of 600 million ($21 million) GALA tokens and the effective BURN of 4.4 billion tokens.”

According to the Gala co-founder, securing and removing unauthorized access to the web3 gaming platform built on the Ethereum blockchain was initiated and completed in less than an hour.

“It’s important to note our Ethereum contract for GALA is secure and under the protection of a multi-signature wallet. It was never compromised.

We messed up our internal controls…This shouldn’t have happened and we are taking steps to ensure it doesn’t ever again.”

Schiermeyer further says that the culprit’s identity is possibly now known and the blockchain-based gaming platform is working with the U.S. Federal Bureau of Investigation (FBI), the U.S. Department of Justice (DOJ) and a “network of international authorities”.

According to a pseudonymous developer who reportedly first discovered the exploit, the hacker who had obtained administrator privileges on the web3 gaming platform’s smart contract minted billions of Gala tokens before selling some of them.

“There is a cap [on the number of GALA tokens that can be minted], but still 12 billion more tokens that can be minted before that cap.

The attacker has had their address blocklisted, so can’t sell or mint anymore unless they have access to another admin address.”

GALA is trading at $0.0411 at time of writing, down by around 5% over the last 24 hours.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Gala Co-Founder Confirms Hack, Says Security Incident Led to Unauthorized Sale of $21,000,000 Worth of Coins appeared first on The Daily Hodl.

The co-founder of Gala (GALA), Eric Schiermeyer, is revealing the genesis of an exploit that led to the loss of crypto assets worth millions of dollars on the blockchain-based gaming platform.

Schiermeyer says that a security incident triggered the “unauthorized SALE of 600 million ($21 million) GALA tokens and the effective BURN of 4.4 billion tokens.”

According to the Gala co-founder, securing and removing unauthorized access to the web3 gaming platform built on the Ethereum blockchain was initiated and completed in less than an hour.

“It’s important to note our Ethereum contract for GALA is secure and under the protection of a multi-signature wallet. It was never compromised.

We messed up our internal controls…This shouldn’t have happened and we are taking steps to ensure it doesn’t ever again.”

Schiermeyer further says that the culprit’s identity is possibly now known and the blockchain-based gaming platform is working with the U.S. Federal Bureau of Investigation (FBI), the U.S. Department of Justice (DOJ) and a “network of international authorities”.

According to a pseudonymous developer who reportedly first discovered the exploit, the hacker who had obtained administrator privileges on the web3 gaming platform’s smart contract minted billions of Gala tokens before selling some of them.

“There is a cap [on the number of GALA tokens that can be minted], but still 12 billion more tokens that can be minted before that cap.

The attacker has had their address blocklisted, so can’t sell or mint anymore unless they have access to another admin address.”

GALA is trading at $0.0411 at time of writing, down by around 5% over the last 24 hours.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Gala Co-Founder Confirms Hack, Says Security Incident Led to Unauthorized Sale of $21,000,000 Worth of Coins appeared first on The Daily Hodl.