Blockchain-based gaming platform Gala (GALA) says it has recovered more than $20 million worth of crypto assets stolen during a security breach earlier this week.
In a statement, Gala said a hacker initiated a transfer of $200 million in Gala tokens on May 20, but the monitoring system flagged the suspicious activity, allowing the platform to freeze the tokens and put the unauthorized wallet on the block list.
“This was an isolated incident on the Ethereum network, and our immediate response was to activate GalaChain’s blocklist protocol, which quickly halted further unauthorized creation and movement of GALA and effectively contained the incident.”
The platform says that 90% of illegally minted GALA have been locked and that a new vote from the Founder’s Node ecosystem will decide whether the blocklisted tokens will be considered burned.
“We want to assure our community that GALA’s coin options on GalaChain remain secure and uncompromised. Our internal controls and multi-sig security protocols are designed to protect against such incidents, and we are continually improving them to stay ahead of potential threats.”
Gala appreciates the quick response of its security team and the involvement of law enforcement agencies in the return of the stolen crypto assets. The platform says it will also reimburse users affected by the exploit.
“Plans are already in place to provide refunds to anyone who has suffered unreasonably high transaction fees in connection with this incident.”
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Generated image: Midjourney