GALA, one of the popular gaming altcoin projects, was shaken by a hacking attack. On May 20, 2024, the Gala Games platform suffered an unauthorized attack, resulting in a loss of $200 million. This event led to a sudden drop in the token price, creating panic among investors. Following the attack, Gala Games urged token holders to immediately switch to the V2 contract. The deadline for this transition is set as midnight on May 21, 2024. Here are the details…
$200 million hack in altcoin project
Gala Games is taking important steps after the attack on its platforms, which caused a loss of 200 million dollars. The company urges all GALA token holders to switch to the V2 contract immediately. The deadline for this transition is set as midnight on May 21, 2024. On May 20, hackers carried out an attack worth approximately $200 million by minting 5 billion GALA tokens and selling them on Uniswap. This led to a sudden drop in the token price, creating panic among investors.
Gala Games made the transition to the V2 contract mandatory to resolve the security vulnerabilities in the V1 contract and protect token holders. Switching to the V2 contract will ensure the safety of token holders’ funds and protect against future attacks. This isn’t the first time Gala Games has had security issues. As we reported as Kriptokoin.com, in early 2021, the platform suffered an attack affecting 8.65 billion GALA tokens. This incident had a significant impact on investor confidence and damaged the reputation of the platform.
V2 transition phase
Gala Games is trying to improve its security protocols and infrastructure to prevent such attacks. The move to the V2 contract is part of these efforts. The company is also cooperating with law enforcement to bring those responsible for the attack to justice. As a result of the attack, the GALA price dropped significantly. However, with the announcement of the switch to the V2 contract, the price recovered slightly. The coin dropped from $0.048 to $0.038. This decline attracted attention in the current market, where green color generally dominates. However, it later recovered to $0.042.
In the long term, it remains to be seen how the GALA price will change depending on the recovery of investor confidence and the future plans of the platform. The attack on Gala Games once again revealed the security risks faced by cryptocurrency platforms. Switching to a V2 contract is an important step to reduce these risks. However, it is important for investors to carefully consider the platform’s history and future plans before making any investment decisions.
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