GALA rockets after incident recovery, token burning proposal

Gala Games’ token GALA was the top gainer on Wednesday after funds from a recent security incident were proposed to be recovered and burned for the stability of the token.

The GALA price increase came after it published a report about the hack. The report credits the effective response of the security team and the involvement of Federal law enforcement agencies. It was stated that more than $20 million of Ethereum (ETH) was returned to the ecosystem.

Specifically, the team noticed a suspicious transfer of $200 million worth of GALA tokens, but within 45 minutes all tokens in the unauthorized wallet were frozen. The team effectively de-escalated the incident by stopping unauthorized printing and transportation of GALA.

Approximately 90% of minted GALA was locked shortly after this incident.

Congratulations $GALA set!

Summary:
An idiot stole 22 million dollars
They realized this was a REALLY bad plan and refunded the $23 million
This was used to buy $GALA and approx.

Here’s one of the burns: https://t.co/OCBiEEh4EN

Onwards and upwards. I look forward to bringing more builders here… https://t.co/SeGE0VeAI2

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

To deal with the security incident, the organization proposed burning 4.4 billion GALA tokens along with 600 million tokens from the centralized Gala Treasury to ensure the stability of the ecosystem. 5 billion GALA will be permanently burned out of circulation by being sent to an incineration address.

GALA’s price rose 20.6% to a peak of $0.04969 at 6:25 AM EDT, according to CoinMarketCap. It currently stands at $0.04736; market cap rose 6% to $1.67 billion, with trading volume down 24% in the last 24 hours.

24-hour price of GALA from CoinMarketCap