July 24, 2024
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Binance Gets Kudos From Gala Games For Help In $200M Hack Investigation

Binance Gets Kudos From Gala Games For Help In $200M Hack Investigation

Gala Games (GALA) expressed gratitude towards Binance for their help in identifying the perpetrator behind a recent $200M hack, underscoring their commitment to a more transparent blockchain space.

Gala Games took to X, formerly Twitter, to acknowledge Binance for their assistance in identifying the person responsible for a $200 million exploit last week. 

The Web3 gaming company wrote, “We would like to thank @binance for working with us and with law enforcement to identify the culprit behind the recent hack.”

Gala Games further emphasized its pride in standing alongside Binance to enhance transparency and accountability in the blockchain space.

Binance has worked closely with law enforcement agencies around the world to help them detect cryptocurrency crimes. It has a Global Law Enforcement Training Program in this regard, where its investigations team conducts workshops to impart training to the concerned officials

This acknowledgment comes following a massive $200 million theft in the popular Web3 game, after a smart contract vulnerability allowed the attacker to mint a whopping 5 billion tokens out of thin air, worth more than $200 million at that time. 

The attacker moved the fraudulently-produced coins to a personal account and traded them for Ethereum (ETH).

The theft was one of the most significant in the cryptocurrency gaming world, highlighting the urgent need for enhanced security measures and transparency within the blockchain industry.

At the time of writing, GALA was trading at $0.04553, up 3% in the last 24 hours, according to data from CoinStats. The coin has recovered substantially from the 15% crash immediately following the hack.

GALA Price Chart | Source: Coinstats

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