Gala Games hacker returns US$21 million of the stolen US$200 million

In a recent development, the digital wallet associated with the Gala Games attack partially returned the stolen funds. On-chain data shows that the wallet transferred 5,913.2 ETH, valued at $22.5 million, a similar amount to the GALA tokens sold shortly after Monday’s attack.

On Monday, an unknown hacker created 5 billion GALA tokens, worth over $200 million. After the incident, the price of the platform’s native token, GALA, fell 15%, as reported by CriptoFácil.

Gala Games co-founder Eric Schiermeyer, known online as Benefactor, reported that the exploiter sold 600 million GALA tokens, worth approximately $21 million at the time. Additionally, he burned the remaining 4.4 billion tokens.

Schiermeyer added on social media that Gala Games secured and removed unauthorized access to the GALA contract 45 minutes after the attack. This way, they were able to keep the remaining ETH safe under a multi-signature wallet.

Gala Games hacker returns part of the funds

“We made mistakes in our internal controls,” admitted Schiermeyer. “This should not have happened and we are taking steps to ensure it does not happen again. We believe we have identified the culprit and are working with the FBI, DOJ and a network of international authorities.”

Schiermeyer also mentioned the impact on the daily distribution of tokens:

“We will have a vote of our own on how to deal with this issue. As usual, the community will decide how to proceed.”

Gala Games explained on social media that the affected wallet was frozen, highlighting that the incident was isolated. According to Gala, the security team managed to resolve the problem. Now, they are working closely with authorities to investigate the individuals behind the attack.

After falling to its low of $0.040 yesterday, the GALA token was priced at $0.043 today.

The Gala Games community is attentive to developments and the response from the development team. The hacker’s partial return of funds is a positive sign, but trust in the platform’s security needs to be reestablished.