Gala Games Recovers Stolen $23M: Will the “Buy and Burn” Strategy Work?

In a surprising twist, Gala Games has managed to regain a large chunk of the funds lost in last week’s hack, marking a crucial moment in the ongoing story of crypto security.

The person behind the breach, which resulted in the loss of nearly 5,950 ETH (valued at around $22.75 million), has returned to the scene, initiating a process of refunding. This follows a troubling security breach that initially caused losses of approximately $200 million in GALA tokens.

Exploiting a loophole in Gala Games’ internal systems, the attacker created a whopping 5 billion GALA tokens seemingly out of nowhere. Taking advantage of this newfound wealth, they quickly sold 600 million tokens on decentralized exchanges, netting roughly 6,000 ETH, equivalent to an astounding $21 million USD.

Now, here’s the story forward.

Gala Games’ CEO Takes Charge

Amidst the chaos, Gala Games’ CEO, Eric Schiermeyer, known as Benefactor, emerged as a beacon of hope for the community. Confirming the return of funds in the Gala Games Discord server, Schiermeyer outlined a visionary strategy called the “buy and burn” model.

This innovative plan involves using the refunded ETH to buy GALA tokens, then removing them from circulation to stabilize the token’s value.

DWF Labs to the Rescue: Working Together

Subsequently, Gala investor DWF Labs stepped in to buy 28 million GALA tokens to reduce the extent of selling in the market. This helped the token recover toward $0.045, albeit less than that observed before the hack incident.

Voting for Stability

Acknowledging concerns about Gala Games’ daily distribution practices, the project empowered its community through a node vote to determine the way forward. This transparent approach underscores Gala’s commitment to its stakeholders and its open business philosophy.

Despite the upheaval, Gala Games stands tall, having reclaimed a significant portion of the stolen funds and implemented strict measures to rebuild trust within the community.

Through collaborative efforts, innovative solutions, and steadfast commitment, investors unite to protect their investments and fortify the market against manipulation.

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What do you think about Gala Games’ “buy and burn” strategy? Will it work? Let us know.