{"id":31090,"date":"2024-05-21T10:21:28","date_gmt":"2024-05-21T10:21:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/gala-ceo-points-to-messed-up-internal-controls-in-200-million-exploit\/"},"modified":"2024-05-21T10:21:28","modified_gmt":"2024-05-21T10:21:28","slug":"gala-ceo-points-to-messed-up-internal-controls-in-200-million-exploit","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/gala-ceo-points-to-messed-up-internal-controls-in-200-million-exploit\/","title":{"rendered":"Gala CEO points to \u201cmessed up\u201d internal controls in $200 million exploit"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/08_DarkMarket-hacker-5-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/08_DarkMarket-hacker-5-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/08_DarkMarket-hacker-5-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/08_DarkMarket-hacker-5-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Gala CEO says \u201cwe messed up our internal controls\u201d after $200 million exploit.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Attacker managed to sell 600 million tokens worth over $23 million; 4.4 billion GALA are effectively burned.<\/span><\/li>\n<li><span style=\"font-weight: 400\">GALA token nosedived 20% after the attack to hit lows of $0.038 before seeing a slight recovery.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Gala Games CEO Eric Schiermeyer says \u201cmessed up\u201d internal controls led to the security breach that saw 5 billion tokens worth over $200 million minted on Monday.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The attacker proceeded to sell at least 600 million <a href=\"https:\/\/coinjournal.net\/gala\/\">GALA tokens<\/a> worth about $23 million via the decentralized exchange Uniswap.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In an <\/span><a href=\"https:\/\/x.com\/Benefactor0101\/status\/1792698768166715776\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">update<\/span><\/a><span style=\"font-weight: 400\">, Schiermeyer said the Gala team managed to secure and remove unauthorised access to its smart contract within 45 minutes of the incident.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Measures taken post the exploit included the freezing of 4.4 billion of unsold GALA tokens, which the CEO described as an \u201ceffective burn,\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Commenting on the exploit, Schiermeyer said:<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cWe messed up our internal controls\u2026This shouldn\u2019t have happened and we are taking steps to ensure it doesn\u2019t ever again. We believe we have identified the culprit and we are currently working with the FBI, DOJ and a network of international authorities.\u201d<\/span><\/p>\n<p>Read more: <a href=\"https:\/\/coinjournal.net\/news\/clash-between-gala-games-founders-sends-gala-token-crashing\/\"><span style=\"font-weight: 400\">Clash between Gala Games founders sends GALA token crashing<\/span><\/a><\/p>\n<h2><span style=\"font-weight: 400\">Gala token fell sharply after exploit<\/span><\/h2>\n<p><span style=\"font-weight: 400\">GALA price fell sharply following the incident, dropping more than 20% to hit lows of $0.038 as selling pressure mounted.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The token has however rebounded after Gala said the attack did not compromise its ETH smart contract. The platform also <a href=\"https:\/\/x.com\/GoGalaGames\/status\/1792727587460104377\" target=\"_blank\" rel=\"noopener\">noted<\/a> that the security incident had been contained.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin and Ethereum prices spiking late Monday also helped boost GALA token\u2019s price.\u00a0<\/span><span style=\"font-weight: 400\">The top coins shot to highs of $71,980 and $3,710 respectively. This happened amid reports that the US Securities and Exchange Commission (SEC) had asked Ethereum spot ETF issuers to file revised form 19b-4s latest May 21, 10 am ET. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Bloomberg\u2019s senior ETF analyst Eric Balchunas <\/span><a href=\"https:\/\/x.com\/EricBalchunas\/status\/1792692379377656074\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">says<\/span><\/a><span style=\"font-weight: 400\"> the SEC is likely to approve the 19b-4s by Wednesday.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to CoinGecko data, GALA price is currently poised at $0.041, with 24-hour losses down to about 4.5% at the time of writing.\u00a0<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/gala-ceo-points-to-messed-up-internal-controls-in-200-million-exploit\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Gala CEO says \u201cwe messed up our internal controls\u201d after $200 million exploit. Attacker managed to sell 600 million tokens worth over $23 million; 4.4 billion GALA are effectively burned. GALA token nosedived 20% after the attack to hit lows of [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":31091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31090"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=31090"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/31091"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=31090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=31090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=31090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}