Details are scarce at the time of publication, but there are growing rumors about a prospective exploit in the Gala Games camp. The news was widely discussed on Twitter by users and analysts.

Gala Games, a pioneer in the play-to-earn space, faced rising speculation about an alleged attack. As its native token price nosedived, fears of a billion-dollar exploit surfaced. At the time of publication, the corresponding token was trading at $0.033.

Is the Gala Games 'hack' a hoax?

PeckShield, a Blockchain security, and data analytics company, raised concerns with the team in the early hours of November 4. Although it appears that the problem was resolved after maintenance was performed on a 'faulty' PancakeSwap pool.

The play-to-earn platform took to Twitter to try to calm things down.

In a series of tweets, pNetwork, a multi-chain routing algorithm for DeFi and gaming tokens, shed more light. The first tweet stated:

"pGALA had to be redeployed due to a misconfiguration of the p.network bridge. We're collaborating directly with the team and exchanges to supply the necessary balances to restore deposits and withdrawals."

Users were advised not to initiate swaps to and from this pool. Meanwhile, all of the 'GALA tokens on Ethereum and the underlying bridge collateral' were safe.

The aforementioned team began the previously discussed emptying of the pGALA PancakeSwap pool's liquidity (of other currencies). Instead, a newly designed collection would take the place of the older one. However, the new token has not yet been issued. As a result, it requested caution.

Taking the hit

Despite reassuring tweets, it appears that the damage has been done. The price of the respective token dropped by 30%. Fearing the worst, users and HODLers sold their holdings as the price fell.

The fear was justified, given the volatile nature and ever-increasing hacks in the DeFi sector.

What are your thoughts on the recent $1B hack scare that tanked GALA's price by nearly 30%? Let us know your thoughts by sharing this article online.

Posted 
Nov 4, 2022
 in 
Crypto News
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