GALA rockets after incident recovery, token burning proposal

Gala Games‘ token, GALA, was a top gainer on Wednesday after funds from a recent security incident have been recovered and proposed to burn for the token’s stability.

The GALA price surge comes after it released a report about the hack. The report credits the security teams effective response and the involvement of Federal law enforcement agencies. It said more than $20 million in Ethereum (ETH) was returned to the ecosystem.

Specifically, the team noticed a suspicious transfer of $200 million woth of GALA tokens, but within 45 minutes all tokens in the unauthorized wallet were frozen. The team stopped additional unauthorized minting and movement of GALA, effectively mitigating the incident.

Around 90% of the minted GALA was locked shortly after this event.

Well done $GALA team!

Recap:

Some jackass stole $22m

They realized this was a REALLY bad plan, and returned $23m

This was used to buy $GALA and burn it.

Here is one of the burns:

Onwards and upwards. Looking forward to bringing more builders to…

— Jason Brink aka BitBender (@BitBenderBrink) May 22, 2024

You might also like: White House objects to FIT21 Act

To deal with the security incident, the organization has proposed burning 4.4 billion GALA tokens, along with 600 million from the central Gala Treasury, to ensure the stability of the ecosystem. The 5 billion GALA will be permanently burned from circulation by sending them to a burn address.

According to CoinMarketCap, GALAs price surged 20.6% to a peak of $0.04969 at 6:25 AM EDT. It currently sits at $0.04736, with a market capitalization increase of 6% to $1.67 billion and a 24% decrease in trading volume over the past 24 hours.

24-hour price of GALA from CoinMarketCap