Web3 gaming studio Gala Games has recovered almost 6,000 Ethereum (ETH) coins it lost to an exploit Monday that resulted in losses of $200 million, IBT Times reported.
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 tokens.
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, our firm 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.
Here at DWF Labs, we are committed to supporting our portfolio companies through thick and thin 🤝🏽
— DWF Labs (@DWFLabs) May 21, 2024
We were saddened to hear about the recent security breach at @GoGalaGames, which led to unauthorised transactions involving $GALA tokens.
In response to this incident, we have… https://t.co/e4caYjvABQ
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.
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