Web3 gaming studio Gala Games has recovered Ethereum (ETH) coins it lost to an exploit Monday that resulted in losses of $200 million, on-chain data revealed.
According to Etherscan data, the exploiter returned around 5,913 ETH worth some $22 million based on current prices to a wallet owned by the crypto gaming firm. The fund recovery has been confirmed by Gala. "The funds from the recent security incident have been recovered," the company said. Gala followed up later, saying user compensation and refunds have started. It also said the recovered funds will be converted back to $GALA.
In a blog post Tuesday, the Gala team expressed gratitude to its partners for their quick response during the incident. It also reiterated its commitment to establishing better guardrails to ensure a hack doesn't take place again. It also reassured users that their GalaChain assets and $GALA Ethereum contract are safe.
Earlier on Tuesday, venture capital and crypto propriety trading firm DWF Labs expressed solidarity with the Gala team, saying it was "saddened" about the news. However, it was committed to supporting its portfolio firms throughout their journeys.
"In response to this incident, we have taken proactive steps to alleviate market selling pressures and have purchased 28 million $GALA tokens on the open market," DWF Labs said. The goal is to help stabilize $GALA's price, which plummeted by 14% shortly after reports of the hacking surfaced.
In a significant move to boost its ecosystem and market presence, Credefi Finance has entered into a strategic partnership with DWF Labs, the renowned global digital asset market maker and multi-stage Web3 investment firm. This collaboration focuses on increasing liquidity and providing robust support for growth, marking a pivotal development in Credefi’s strategy to enhance its platform capabilities.
“This partnership represents a strategic alignment of our goals with DWF Labs, whose expertise in market making and ecosystem development is unparalleled,” stated Ivo Grigorov, CEO of Credefi Finance. “Together, we are poised to drive significant advancements in the RWA space, offering our users enhanced liquidity and a more dynamic all-in-one alternative financing platform.”
DWF Labs will employ its substantial industry experience and resources to assist Credefi in expanding its market operations and user base. The partnership is centered around innovative liquidity solutions and strategic market making aimed at fostering a stable trading environment for Credefi’s token, $CREDI.
Andrei Grachev, Managing Partner at DWF Labs, expressed his enthusiasm for the partnership: “Credefi Finance is a key player in the #RWA decentralized finance industry, and we are thrilled to support their vision of expanding and enhancing their ecosystem. Our commitment goes beyond liquidity provision; we aim to empower Credefi with the tools and networks needed to succeed in a competitive market.”
As part of the partnership, DWF Labs will also provide strategic insights and operational support to drive growth and innovation within Credefi’s offerings. This includes leveraging DWF Labs’ extensive network and industry connections to facilitate new opportunities and collaborations for Credefi.
NuLink has raised $1.6 million in its strategy round. The firm will use the funds to advance its technology, expand capabilities, and educate and train.
The round was led by DWF Labs, Poolz, and ViaBTC, with CheckPush, 0xwilds, Coinvestor, 0xbull, Alpha Capital, MNST Platform, and Aza Ventures as additional investors. They add themselves to an impressive list of investors in NuLink, which already includes Binance Labs, OIG, Maven Crypto, and Chateau Crypto from previous rounds.
NuLink has recently completed a significant funding through a Liquidity Bootstrapping Pool (LBP) on Fjord, raising approximately $5.3 million. This contribution highlights the growing confidence in NuLink's innovative approach to securing sensitive data. To date, NuLink has raised a total of $11.4 million, positioning it as a leader in the development and enhancement of secure Web3 applications.
ELYSIA and DWF Labs Forge Partnership to Propel Real-World Asset (RWA) Tokenization into the Digital Future, Catalyzing Next-Generation Digital Innovation
Zignaly, a social investment platform using the Z-Score technology to connect fund managers with 500,000 investors worldwide, announced the launch of ZIGChain, a cutting-edge, layer-1 blockchain on Cosmos.
In a significant development in the cryptocurrency world, iMe has announced a strategic partnership with DWF Labs, setting the stage for transformative advancements in decentralized communication and finance.
DWF Labs, a new generation Web3 investor, will be onboarding as Klaytn's latest Governance Council (GC) member, with their GC membership application having passed on-chain voting with 98% in favor.
DWF Labs, a leading research organization, has announced the renewal of its partnership with DMCC, the world's flagship free zone and Government of Dubai Authority on commodities trade and enterprise.
DWF Labs recently announced that it has established a partnership with DeXe Network (DEXE) to elevate DeXe Protocol’s allure to a broader user base and to facilitate the uptake of DeXe’s technology across various platforms.