Massive $200M Theft In Popular Web3 Game Drives Crypto Hack Losses Beyond $1B This Year
Portfolio Pulse from Aniket Verma
Gala Games experienced a $214 million hack, causing its native token GALA to drop by 19%. The hacker minted 5 billion GALA tokens and swapped 592 million GALA for Ethereum. Gala Games has blacklisted the hacker's address and is working with law enforcement.
May 21, 2024 | 8:59 am
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NEGATIVE IMPACT
Gala Games' native token GALA dropped by 19% following a $214 million hack. The hacker minted 5 billion GALA tokens and swapped 592 million GALA for Ethereum. Gala Games has blacklisted the hacker's address and is working with law enforcement.
The hack led to a significant increase in GALA token supply and selling pressure, causing a sharp price drop. The company's response may mitigate further losses, but the immediate impact is negative.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
The hacker swapped 592 million GALA tokens for Ethereum, potentially increasing short-term demand for ETH. However, the overall impact on ETH is likely minimal compared to the broader market.
While the swap of GALA for ETH may increase short-term demand for Ethereum, the overall impact on ETH's price is likely minimal given its larger market size.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 50